Gemini exchange raised $400 million with the goal of entering the metaverse.

Gemini is the world’s 11th largest cryptocurrency exchange by volume, however it mostly operates in the United States. It was created by Tyler and Cameron Winklevoss, twins who say Mark Zuckerberg stole their concept for the social network Facebook. This narrative was eventually transformed into the blockbuster film “The Social Network.”

On November 18, Forbes reported that bitcoin exchange Gemini has closed a $400 million investment round with a valuation of up to $7.1 billion. Morgan Creek Capital and ParaFi Capital funds are among those who have contributed to this round of funding.

The Winklevoss brothers’ shareholding in Gemini will be reduced to 75% following the investment round, while their net worth has climbed from $6 billion in April 2021 to $10.5 billion USD at the time.

The freshly obtained funds will be utilized by the exchange to compete in the metaverse area. Winklevoss Capital Fund joined in a $93 million fundraising round of The Sandbox (SAND), a hot metaverse project in recent times, in early November. The Winklevoss brothers also stated that they have bought other digital pieces of land in The Sandbox and want to create virtual destinations in this realm named Gemini. Tyler Winklevoss declares:

“Instead of building brick and mortar bank branches in meatspace, we’re gonna build a Gemini experience in different metaverses, where you can go into Gemini, and trade but it would be immersive instead of on your phone.”  

Notably, the platform’s move comes less than a month after Mark Zuckerberg declared that Facebook’s name will be changed to Meta to reflect the world’s largest social network’s objective of expanding the metaverse cosmos. This is the third time the Winklevoss brothers have clashed with Mark Zuckerberg, first over the notion of creating a social network called Facebook, and then when they created Gemini and Facebook constructed the project. Libra/Diem is a digital money initiative.

Patrick

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