Crypto startup Gemini raises $400 mn

Crypto startup Gemini has raised $400 million in a funding round led by hedge fund Morgan Creek Digital that valued the startup at $7.1 billion.
Dollar spending on technology
Led by Cameron and Tyler Winklevoss, Gemini was launched in 2015 as a platform for buying, selling, storing and earning cryptocurrencies including bitcoin and ether, and DeFi (Decentralized Finance) tokens.

Gemini, which said it would use the funds to grow its geographic footprint and expand its offerings, also runs a non-fungible token or NFT marketplace for digital art and collectibles which has 375 unique artist collaborations.

Other investors that participated in the round include venture firms 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia.

Blockchain technology firm ConsenSys raised $200 million at a valuation of $3.2 billion, from investors including HSBC and U.S. hedge fund Third Point.

Crypto firm FTX Trading also gained a sky-high valuation of $25 billion after its funding round last month.