Crypto

Gemini Crypto Exchange Requests Funding at $7 Billion

Gemini Trust Co., is looking to raise $400 million in a round of fundraising that would value the business at over $7 billion.

According to people familiar with the matter, Gemini Trust Co., the cryptocurrency exchange established by Tyler and Cameron Winklevoss, is looking to raise $400 million in a round of fundraising that would value the business at over $7 billion.

With the favorable market conditions and increasing interest from mainstream investors, Gemini is set to join a slew of crypto-related companies, including greater rival Coinbase Global Inc. and ConsenSys Inc. Recently, Bitcoin has given back some gains after reaching an all-time high of $68,991 on Nov. 10. However there is still time for changes to occur and no final plans have been finalized. We reached out to Gemini’s New York-based spokeswoman for comment, but she did not respond promptly.

The value of crypto startups is growing rapidly, and new funding can assist businesses with acquisitions or hiring new staff as they introduce new products or expand internationally. Moreover, with more retail investors and institutions investing in crypto, the extra funds can prove useful.

Twins Tyler and Cameron Winklevoss were early Bitcoin investors and believers after they challenged Mark Zuckerberg‘s claim to inventing the social network Facebook. They have also built Gemini into a compliance-focused crypto exchange, in addition to investing in cryptocurrency-related startups. According to tracker CoinMarketCap.com, Gemini had recently daily spot volume of $268.3 million, compared with larger rival Binance, which had $30.2 billion.

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