Gemini, a privately held cryptocurrency exchange, announced on November 18 that it had received US$400 million in a round of financing led by hedge fund Morgan Creek Digital, valuing the company at US$7.1 billion. Therefore, Gemini is the latest cryptocurrency startup to raise funds at high valuations in recent months. Users can buy, sell, store and trade Bitcoin, Ether and DeFi (decentralized finance) tokens on the private cryptocurrency platform. It was founded by twins Cameron and Tyler Winklevoss, who are famous for arguing with Facebook founder Mark Zuckerberg over whether it stole their social networking platform ideas.
Those who have seen the 2010 Oscar-nominated film Social network You may remember Armie Hammer, the American actor who played the twins.
Gemini Trust Co., LLC is the official name of the company. Gemini provides its own currency, Gemini U.S. dollar, a “stable currency” pegged to the U.S. dollar, as well as a mobile application and a payment application. Cryptocurrency exchanges are direct competitors of companies such as Coinbase and Kraken. Gemini also has a non-fungible token (NFT) market for digital art and collectibles, with 375 different artist partners. Gemini stated on its website that the platform provides “transaction and custody of more than 60 tokens, with an additional 16 tokens available for custody.”
In terms of financing, Gemini said it will use US$400 million in funding to expand its geographic footprint and product supply.
Cameron and Taylor, Winklevoss twins, have Gemini. The name of the company is the zodiac sign symbolized by the twins. They are known for accepting a $65 million settlement in a lawsuit against Mark Zuckerberg. They claimed that Facebook was their concept, and when all three of them were undergraduates at Harvard University, Zuckerberg stole it.
After graduating from Harvard University, they even participated in the Olympic Games as rowers.
When asked about Facebook in a chat with Forbes earlier this year, Tyler Winklevoss once said: “The idea of a centralized social network will not exist in the next 5 or 10 years. The Old World There is a gap between this new encrypted native world.”
According to a report in the New York Times, the twins used some of the money to buy bitcoin and ether. This made them billionaires in 2017. Some of them entered the creation of Gemini.
Gemini stated on its website that when Cameron and Tyler first learned about Bitcoin in 2012, there were “almost no safe and reliable ways to enter the crypto space”. They are passionate about “creating a regulated, simple and safe way to invest in Bitcoin and other cryptocurrencies”, and they conceptualized Gemini. “In order to comply with New York’s regulatory framework, they waited until Gemini obtained the New York Trust’s license before starting operations.”
Currently, the exchange is available in more than 60 countries/regions around the world.