Joining the slew of cryptocurrency exchanges that have completed investment rounds in recent months, New York-based cryptocurrency exchange Gemini this week announced the close of a US$400 million funding round led by Morgan Creek Digital, bringing the company’s valuation to US$7.1 billion.

Fast facts

  • Investors in the funding round — which was Gemini’s first-ever outside financing — included private equity firm 10T and the Commonwealth Bank of Australia. Gemini intends to use the fresh capital for product and market expansion, according to a company announcement.
  • Launched in 2015 by Cameron and Tyler Winklevoss, the twins who had sued Mark Zuckerberg over the ownership of Facebook, Gemini has taken a compliance-centric approach and the ethos of “asking for permission, not forgiveness.” The company is a New York trust company regulated by the New York State Department of Financial Services.
  • The company also operates in the United Kingdom with an Electronic Money Institution (EMI) license from the Financial Conduct Authority and in Singapore with an exemption for holding a license as part of transitional arrangements under the city-state’s Payment Services Act. Earlier this year, Gemini announced plans to expand its Asia-Pacific operations with satellite offices in Australia and Hong Kong.
  • Gemini is currently ranked the 11th cryptocurrency exchange, according to CoinGecko’s trust score. The exchange saw US$482 million in 24-hour trading volume, according to CoinGecko data. In comparison, the top two cryptocurrency exchanges Binance and Coinbase saw 24-hour trading volumes of US$39 billion and US$8.9 billion respectively.
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