Cryptocurrency platform Gemini has raised $400 million at a $7.1 billion valuation in its first ever round of outside financing.
Morgan Creek Digital led the round with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and Commonwealth Bank of Australia.
Launched in 2015 by Cameron and Tyler Winklevoss, Gemini lets individual and institutional investors buy, sell, and store crypto. The firm has also branched out into non-fungible tokens through Nifty Gateway, a wholly owned NFT platform.
The funding comes after a busy year for the company, which has seen it acquire Blockrize to help launch the Gemini credit card and buy ShardX, a developer of secure multi-party computation technology, to enhance its crypto listing and custodial services.
The firm is also looking to expand geographically, securing regulatory approval to enter the UK and filing to launch in Singapore.
Cameron Winklevoss, president, Gemini, says: "In 2021 we diversified our revenue stream, expanded to new territories, acquired pioneering companies, and invested in industry-redefining innovations through the Gemini Frontier Fund. We also supported Bitcoin core development through the Gemini Opportunity Fund.
"We are incredibly excited to continue to build on the frontier of crypto and give individuals around the world greater choice, independence, and opportunity through crypto."