Gemini, a popular cryptocurrency exchange platform, announced today a $400 million growth equity round, its first-ever outside financing, led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia, among others.
In addition to buying, selling, and storing crypto, Gemini helps users create and collect non-fungible tokens (NFTs) on Nifty Gateway, a wholly-owned platform.
This raise follows a year of growth and product innovation for Gemini. In 2021 Gemini:
- Acquired Blockrize to help launch the Gemini Credit Card, which offers real-time crypto rewards and has a waitlist of more than 360,000 people
- Acquired ShardX, a developer of secure multi-party computation (MPC) technology, to enhance its crypto listing and custodial services
- Launched Gemini Earn that allows users to lend their crypto and earn up to 8.05% APY. To date, Gemini Earn has originated $4 billion in crypto loans.
- Supports more than 60 cryptos for trading and custody
- Custodies more than $30B in crypto assets
- Launched Gemini Fund Solutions to provide fund managers with custody, clearing, and trading support for crypto ETFs, closed-end funds, and other fund vehicles
- Launched Cryptopedia, an open-access educational resource for all things crypto
In 2021, Gemini also increased its geographic presence, entering the United Kingdom (UK) as one of the few registered crypto-asset firms, obtaining its EMI license from the Financial Conduct Authority (FCA). The company also filed its license with the Monetary Authority of Singapore to expand into Asia-Pacific.