Gemini, the cryptocurrency exchange launched by the Winklevoss twins, has raised its first outside investment in a $400 million funding at a $7.1 billion valuation led by Morgan Creek Digital. Several other organizations participated, including Commonwealth Bank of Australia (CBA) and 10T, a digital asset fund that raised $750 million in October.
Earlier this month, CBA announced it is partnering with Gemini to pilot a cryptocurrency offering to its Australian retail clients.
Apart from the crypto exchange, Gemini currently custodies $30 billion in crypto assets. It also has a cryptocurrency lending product Gemini Earn – the sort that has attracted SEC Chair Gary Gensler’s attention – and has originated $4 billion in loans to date. However, Gemini Trust is more regulated than many other exchanges as a NY Trust company and is a qualified custodian.
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