Gemini, a cryptocurrency exchange uses its own currency, the Gemini dollarGemini, a privately held cryptocurrency exchange, announced on November 18 that it had actually secured $400 million in a funding round led by hedge fund Morgan Creek Digital, valuing the company at $7.1 billion.
Gemini is the latest cryptocurrency startup to raise money at a high appraisal in current months as a result of this.
Users can acquire, offer, shop, and trade Bitcoin, Ether, and DeFi (decentralised financing) tokens on the privately-owned cryptocurrency platform.
It was established by twins Cameron and Tyler Winklevoss, who are best known for their fight with Facebook founder Mark Zuckerberg over whether he stole their idea for the social networking platform.Those who have watched the 2010 Oscar-nominated movie The Social media might remember American actor Armie Hammer playing the role of the twins.Gemini Trust Co., LLC is the official name of the company.
Gemini provides its own currency, the Gemini dollar, which is a stable coin pegged to the US dollar, along with a mobile app and a payment app.
The cryptocurrency exchange is a direct competitor to Coinbase and Kraken, to name a few.
Gemini also hosts a digital art and antiques non-fungible token (NFT) marketplace with 375 unique artist collaborations.
On its site, Gemini mentions that the platform provides trading and custody for more than 60 tokens, with an extra 16 tokens available for custody .
On its financing, Gemini stated it will utilise the $400 million in capital to broaden its geographical footprint and item offerings.Gemini's historyCameron and Tyler, the Winklevoss twins, own Gemini.
The company's name is the Zodiac indication symbolised by the twins.
They are best known for accepting a $65 million settlement of a claim versus Mark Zuckerberg.
They had actually declared that Facebook was their principle and Zuckerberg had taken it when all three of them were undergrads at Harvard University.They even competed in the Olympics as rowers after finishing from Harvard University.When inquired about Facebook in a chat with Forbes previously this year, Tyler Winklevoss had stated, The idea of a centralised social media network is just not going to exist 5 or ten years in the future.
There's a chasm between the old world and this brand-new crypto-native universe.
According to a report in The New York Times, the twins used some of that money to load up on Bitcoin and Ether.
That made them billionaires by 2017.
Some of that went into the production of Gemini.On its site, Gemini states that when Cameron and Tyler initially found out about Bitcoin in 2012, there were extremely few safe, trusted ways to enter crypto .
Keen to create a controlled, easy, and safe way to purchase Bitcoin and other cryptocurrencies , they conceptualised Gemini.
To comply with the NY regulatory structure, they waited to operate up until Gemini received it's New york city Trust license.
At present, the exchange is readily available in over 60 countries worldwide.