Gemini Receives $400 Mln Funds To Aid Its Metaverse Project.

Gemini Receives $400 Mln Funds To Aid Its Metaverse Project.

2021-11-20 | Robin Williams

Gemini Receives $400 Mln Funds To Aid Its Metaverse Project.

As they go head to head with archrival Meta, the Winklevoss twins have huge ideas for a Gemini future in several metaverses. Gemini, the crypto market created by the Winklevoss twins, will invest $400 Mln in a "Gemini experience across various Metaverses" as part of its $400 million investment round. Recently, Gemini reported that it had secured a $400 million equity expansion capital round at a valuation of $7.1 billion, marking the company's first outside investment round. Morgan Creek Digital led the investment, with 10T, ParaFi, New flow Partners, and Marcy Venture Partners among the other investors. The Commonwealth Bank of Australia backed the round as well, having teamed with Gemini to establish the first crypto trading services offered by a major four Australian bank. According to the press announcement, "with this round of investment, Gemini will continue to deliver easy, innovative, and secure solutions to market, as well as grow its global reach." In a Forbes interview published, Tyler and Cameron Winklevoss outlined their plans to expand Gemini's reach into the metaverse. According to Forbes, the twins will own 75 percent of Gemini, with Morgan Creek general partner Sachin Jaitly joining the board of directors as part of his firm's $75 million investment. The effort will pit the two of them against Mark Zuckerberg, with whom they famously feuded in court over Facebook ownership more than a decade ago. In 2004, the twins sued Zuckerberg, saying that he stole their intellectual property to establish Facebook, and they eventually settled for $65 million in court in 2011. "We want to continue to go down the continuum toward empowerment," Cameron said, adding that "decentralization is a spectrum." At the start of April, the twins purchased pieces of land in The Sandbox metaverse, with Tyler revealing that the goal was to build up Gemini's crypto exchange and nonfungible token marketplace Nifty Gateway in the play-to-earn centered virtual environment.

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