The crypto platform intends to use financing to bring simple and secure products to market, and support its geographic expansion
CBA makes minority stake in Gemini. (Credit: Commonwealth Bank of Australia.)
US-based cryptocurrency exchange and custodian Gemini has raised $400m in a growth equity funding round that values the company at $7.1bn.
Led by Morgan Creek Digital, the funding round saw participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia (CBA), among others.
CBA’s investment follows its recent partnership with Gemini for its custody and exchange platform to help customers buy, sell and hold crypto assets through its CommBank app.
Gemini intends to use proceeds from the financing round to bring simple and secure products to market, and support its geographic expansion.
Morgan Creek Digital general partner Sachin Jaitly said: “We are leading the first outside investment in Gemini because of our shared conviction in crypto and belief in the company that Cameron and Tyler are building.
“Their vision for the role of crypto in redesigning money, the financial system, art, and the Internet, and their track record of incubating and scaling innovative technologies, gives us confidence in Gemini’s ability to continue to be an industry leader.”
CBA CEO Matt Comyn said: “Our investment in Gemini is part of an exclusive partnership in Australia and New Zealand. We congratulate Gemini on the completion of their capital raise, and look forward to working closely with them in the months and years ahead.”
Established in 2015, Gemini is crypto a platform that allows customers to buy, sell, store, and earn cryptocurrencies such as bitcoin, ether, and DeFi tokens.
The company also enables investors to earn, spend, and learn about crypto, along with creating and collecting NFTs on Nifty Gateway, a wholly-owned NFT platform.
This year, Gemini has acquired Blockrize to help launch the Gemini Credit Card, and ShardX, a developer of secure multi-party computation (MPC) technology.
It has rolled out Gemini Earn to enable users to lend their crypto, Gemini Fund Solutions to provide custody, clearing, and trading support to fund managers.
Gemini also expanded its footprint in 2021, by entering the UK as a registered crypto-asset firm, and obtained its EMI license from the Financial Conduct Authority.
The company has also filed a license application with the Monetary Authority of Singapore to further expand into the Asia Pacific region.
Gemini co-founder and president Cameron Winklevoss said: “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.”
Gemini co-founder and CEO Tyler Winklevoss said: “Gemini is the portal into crypto for new and seasoned investors alike. The investors that we have brought on in this round share our ambitious vision for the future.”