Crypto

Gemini Receives $400,000 Fundraiser to Develop Decentralized Metaverse

Gemini Receives $400,000 Fundraiser to Develop Decentralized Metaverse

Gemini, the crypto exchange founded by the Winklevoss twins, will put money from its $400 million investment round into creating what they termed a “Gemini experience in other Metaverses.”

In a recent report, Gemini announced that it had secured a $400 million equity expansion capital round at a valuation of $7.1 billion, marking the company’s first outside funding round. Morgan Creek Digital led the investment, with 10T, ParaFi, New flow Partners, and Marcy Venture Partners among other investors.

The Commonwealth Bank of Australia backed the round as well, having teamed with Gemini to establish the first crypto trading services offered by the big four Australian banks. In a press release, it was disclosed that “With this round of funding, Gemini will continue to bring easy, innovative, and secure products to market, as well as expand its geographic footprint”.

Tyler and Cameron Winklevoss discussed their aspirations to expand Gemini’s reach into the metaverse in a Forbes interview published on Thursday. Instead of creating numerous “branches in the metaverse,” the company plans to expand across multiple metaverses: “We’re going to build a Gemini experience in different Metaverses, where you can go into Gemini and trade, but it will be immersive rather than on your phone.”

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According to a report, the twins will own 75 percent of Gemini, with Morgan Creek general partner Sachin Jaitly joining the board of directors as part of his firm’s $75 million investment.

The effort will pit the two of them against Mark Zuckerberg, with whom they famously locked horns in court over Facebook ownership more than a decade ago. In 2004, the twins sued Zuckerberg, for alleged intellectual property theft, which was eventually settled for $65 million in court in 2011.

Unlike centralized metaverse roadmaps from companies “like Facebook or Fortnite,” Cameron stressed that Gemini is pursuing a decentralized approach in hopes that it will provide more benefits to users.

“However, there is another option, which is the decentralized Metaverse, where we feel there is more choice, freedom, and opportunity, as well as technology that defends individual rights and dignity.”

“We want to continue to move down the continuum toward empowerment,” Cameron said, adding that “decentralization is a spectrum.”

At the start of April, the twins purchased parcels of land in The Sandbox metaverse, with Tyler revealing that the goal was to build up Gemini’s crypto exchange and nonfungible token marketplace Nifty Gateway in the play-to-earn centered virtual environment.

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Ajisebutu Doyinsola

Doyinsola Ajisebutu is a journalist and prolific writer who takes a special interest in Finance, Insurance, and the Tech world.