Gemini Raises Massives $400 Funding Round Gemini Raises Massives $400 Funding Round
Gemini credit cards

Gemini Raises Massives $400 Funding Round

A popular crypto platform has just raised a massive amount of money. Last week, Gemini revealed that it had closed $400 million in funding. The round — which is actually a Series A and marks the first time the company has solicited outside investment — was led by Morgan Creek Digital while 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia also participated. Notably, the round values Gemini at $7.1 billion.

Gemini is a cryptocurrency platform, which is famously founded by the Winkelvoss twins, Tyler and Cameron. Since launching in 2015, the site has become one of the leading crypto platforms in the world, courting both consumer and institutional users. The platform has also continued to expand its offerings. For example, earlier this year, it introduced Gemini Earns, which enables customers to earn up to 8.05% APY on their crypto holdings. That program has already originated more than $4 billion in crypto loans to date.

Another noteworthy endeavor for Gemini is the upcoming Gemini Credit Card. When it arrives, the card will earn customers up to 3% back on dining, 2% back on groceries, and 1% back on all other purchases — in the form of Bitcoin, Ether, or the more than 40 other crypto assets that Gemini supports. The credit card announcement followed Gemini’s acquisition of Blockrize, which had been developing its own crypto credit card product. According to Gemini, the credit card currently has a waitlist of more than 360,000 people.

Summing up the massive year Gemini has had so far, co-founder and president Cameron Winklevoss said in a statement, “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.”

Winklevoss added, “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.” Meanwhile, speaking to why Morgan Creek Digital choose to invest in Gemini, the firm’s general partner Sachin Jaitly stated, “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.”

Considering the success and growth that Gemini has already experienced, it shouldn’t be too surprising that their first outside funding round would amount to so much. Nevertheless, the $7.1 billion valuation and $400 million Series A remain impressive. Plus, with more in the works at the company and the door now open to future funding, we could see even larger investments coming from the Winklevoss-led company soon. All this could certainly help propel Gemini forward as the crypto market continues to expand.

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