Gemini to build decentralized Metaverse after $400M funding round

Gemini, one of the most compliant crypto exchange platforms, is moving into the Metaverse. The exchange announced that it would set aside $400 million in a funding round to create a “Gemini experience in different Metaverses.”

To make this possible, the exchange has raised $400M in an equity-growth funding round at a valuation of $7.1 billion. This is the first that Gemini is seeking external funding. One of the notable participants in this funding round was the Commonwealth Bank of Australia.

Gemini venturing into the Metaverse

In an interview with Forbes, Tyler and Cameron Winklevoss stated that Gemini would expand its operations into the Metaverse. The twins stated that the company was seeking to have a presence across different Metaverses.

“We’re gonna build a Gemini experience in different Metaverses, where you can go into Gemini and trade, but it would be immersive instead of on your phone,” they stated.

Following this funding round, the Winklevoss twins will retail 75% of Gemini’s ownership. On the other hand, Sachin Jaitly, a general partner with Morgan Creek, will join Gemini’s board of directors following a $75 million investment.

With plans to launch the Metaverse, the two will be competing with notable tech giants such as Microsoft and Facebook that have already made strategic steps in offering products and services related to the Metaverse.

Focusing on a decentralized Metaverse

Cameron Winklevoss stated that Gemini would choose a different path to the Metaverse, as it would focus more on decentralization because of its benefits to users. Cameron stated,

Cameron added that decentralization was a “spectrum” and that the exchange was planning to move along the path to achieve empowerment.

This is not the first time that Gemini is crossing paths with the virtual world. Earlier this year, Tyler and Cameron bought pieces of land in The Sandbox Metaverse. The plan was to build the Gemini exchange and Nifty Gateway NFT marketplace in the virtual world.