Gemini crypto exchange raises $400 million at a $7 billion valuation.

According to the Forbes report, Tyler and Cameron Winklevoss have secured the first round of capital, a $400 million investment that values the New York parent company, Gemini Space Station, LLC., at $7.1 billion. The billionaire twins are expected to retain 75% ownership in the company after the investment, and their combined net wealth will nearly double from $6 billion in April to $10.5 billion today. 

The funding round was led by capital management giant Morgan Creek Digital.

The funding round was led by capital management giant Morgan Creek Digital, with participation from decentralized finance venture firm ParaFi Capital and others such as Jay-Z’s Marcy Venture Partners, former Disney chairman Jeffrey Katzenberg’s WnderCo, the Commonwealth Bank of Australia, private equity firm 10T, family office advisory Newflow Partners, as well as United Talent Agency, Jane Street. As part of the capital raise that roughly equates to a Series D, New York-based Morgan Creek contributed $75 million, and general partner Sachin Jaitly became the third member of Gemini’s board of directors.

Gemini takes on Metaverse. 

Cameron Winklevoss told Forbes, “There’s these two parallel paths, in terms of technology right now: “There’s a centralized path, like Facebook or Fortnight, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized Metaverse, and that’s the Metaverse where we believe there’s greater choice, independence and opportunity, and there is technology that protects the rights and dignity of individuals.” Winklevoss twins might have lost Facebook to Zukerberg, but now the twin brothers are at the forefront to take on the Metaverse while Facebook is building it’s own called Meta.