$400M funding round to help Gemini build in the decentralized metaverse


Winklevoss’s twin cryptocurrency exchange Gemini will raise funds from a $400 million funding round to create a “Gemini Experience in its various transformations.”

Gemini announced Thursday that it has completed a $400 million funding round aimed at raising $7.1 billion in equity, the first time the company has applied for external funding. Morgan Creek Digital topped the tour with 10T, ParaFi, Newflow Partners and Marcy Venture Partners to name a few.

In particular, the Commonwealth Bank of Australia, which also partnered with Gemini to launch the first cryptocurrency trading services offered by four major Australian banks, also backed the round.

“Through this round of financing, Gemini will continue to bring simple, innovative and secure products to market and help expand its geography,” it said in a statement.

In an interview with Forbes published Thursday, Tyler and Cameron Winklevoss talked about their plans to expand Gemini’s influence into the metaverse.

Tyler noted that rather than building several “meaty branches” – a reference to a popular meme-based description of physical reality – the company aims to expand into multiple metaverses:

“We’ll be creating a Gemini experience in different Metauniverses where you can get into Gemini and switch, but it’s going to be immersive and not over the phone.”
According to Forbes, the twins will retain 75% of the ownership of Gemini, and Morgan Creek general partner Sachin Jaightly will join the board of directors as part of the company’s $75 million investment in the crypto platform.

The move will once again force the duo to compete with Mark Zuckerberg, who is known to have fought in court for ownership of Facebook for more than a decade. The twins sued Zuckerberg in 2004, claiming that he stole their intellectual property to create Facebook, and in 2011 sued for $65 million.

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Cameron told Forbes that unlike the central roadmap for meta-verses from companies like Facebook or Fortnite, Gemini targets the decentralized path due to the belief that it brings more potential to the user:

“But there is another way – a decentralized Metaverse, and this is a Metaverset, where we believe that there are more choices, autonomy and opportunity, and it is technology that protects the rights and dignity of people.”
“Decentralization is a spectrum,” Cameron added, noting that “we want to keep moving down the spectrum toward empowerment.”

In early April, the twins caught plotting in the metaverse The Sandbox, then Tyler noticed that the plan was to create crypto exchange Gemini and Nifty Gateway to exchange indispensable tokens in a virtual world with a focus on earning games.



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