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Gemini raises $ 400 million to build a metaverse



Bitcoin exchange Gemini has completed a $ 400 million investment round valued up to $ 7.1 billion.

Tyler and Cameron Winklevoss are in the process of signing the final papers for their first round of capital, a $ 400 million investment by New York-based parent company Gemini Space Station, LLC. valued at $ 7.1 billion. Morgan Creek Capital and ParaFi Capital funds are among those that contributed to this funding round.

The brothers are expected to retain a 75% stake in the company after the investment and their combined net assets will nearly double from $ 6 billion in April to $ 10.5 billion today.

The freshly won funds are used by the exchange to compete in the Metaverse area. The Winklevoss Capital Fund participated in a $ 93 million financing round in early November for The Sandbox (SAND), a recently very popular Metaverse project. Tyler Winklevoss explains:

"Instead of building brick bank branches in the meat room, we're going to create a Gemini experience in various metaverse where you can walk and trade in Gemini, but it would be immersive and not on the phone."

The platform's move comes less than a month after Mark Zuckerberg announced the name would be changed from Facebook to Meta to reflect the goal of the world's largest social network to expand the Metaverse cosmos. This is the third time the Winklevoss brothers clashed with Mark Zuckerberg, first over the idea of ​​creating a social network called Facebook and then when they founded Gemini and Facebook constructed the project.

Last week, Gemini announced that they are excited to confirm support for Shiba Inu (SHIB), along with a wide range of DeFi, Metaverse, infrastructure and data management tokens.

As part of the framework for listing on the stock exchange, Gemini reportedly conducts a comprehensive valuation of each asset before making a decision to back it on Gemini. This also includes a thorough risk and legal review, which is required as part of Gemini's compliance and regulatory obligations.

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