news | 19 November 2021 | Maja Garaca Djurdjevic <
news
|
Gemini has announced a $400 million growth equity round with participation from Commonwealth Bank of Australia, taking its valuation to $7.1 billion.
CBA backs Gemini in $400m equity funding round
CBA continues to flaunt its new-found love for crypto with a cash injection into crypto platform Gemini.
Led by Morgan Creek Digital, the raise is slated to fuel Gemini’s global expansion.
“We are leading the first outside investment in Gemini because of our shared conviction in crypto and belief in the company that Cameron and Tyler are building,” said Sachin Jaitly, general partner of Morgan Creek Digital.
“Their vision for the role of crypto in redesigning money, the financial system, art and the internet, and their track record of incubating and scaling innovative technologies, gives us confidence in Gemini’s ability to continue to be an industry leader.”
Just recently, Commonwealth Bank announced it has formed an “exclusive partnership” with Gemini, as the country’s largest bank readies to allow its customers to hold and use bitcoin, and other cryptocurrencies, via its 6.5 million user banking app.
“CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs,” CBA CEO Matt Comyn said.
CBA’s move is being viewed as a smart ploy to help the big four appeal to young customers and keep pace with rivals such as Square and PayPal, which already allow users to trade and spend bitcoin.
Gemini, the custodian of more than $30 billion in crypto assets, enjoyed a profitable 2021 and is now ready to expand into new markets around the world.
“In 2021 we diversified our revenue stream, expanded to new territories, acquired pioneering companies and invested in industry-redefining innovations through the Gemini Frontier Fund. We also supported bitcoin core development through the Gemini Opportunity Fund,” said Cameron Winklevoss, co-founder and president of Gemini.
“We are incredibly excited to continue to build on the frontier of crypto and give individuals around the world greater choice, independence and opportunity through crypto.”
