Gemini Trust, the cryptocurrency exchange created by brothers Tyler and Cameron Winklevoss, raised US$ 400 million in its first outside financing round, valuing the company at US$ 7.1 billion.
In a statement, the company said the additional funds would help it move forward with its growth strategy, including an expansion to its geographical footprint.
Gemini was set up by the enterprising twins who became better known for their dispute with Mark Zuckerberg over who created Facebook. As well as crypto trading, it also custodies more than US$ 30 billion in crypto assets.
Gemini is following on the footsteps of other businesses building war chests by tapping into an increased willingness by mainstream investors to put money into crypto-related companies. Some of its rivals, Coinbase and ConsenSys, have also been raising additional money through funding rounds.
Although smaller than some of its established competitors, the Winklevoss twins decided to build Gemini into a compliance-focused crypto exchange. In a statement, one of the brothers, Tyler, said that the aim was to make Gemini as the portal into crypto for ‘new and seasoned investors alike’.
Eduardo Carvalho, Dynasty Global Investments AG’s founder and CEO, remarked:
"Gemini’s successful funding round is particularly good news for those, like us at Dynasty, who see a focus on compliance not as an obstacle but as an essential requirement if we want to ensure crypto assets become as easy to use and own as fiat currency."