on the crypto
Popular New York-based cryptocurrency exchange Gemini recently revealed that it is looking to raise around $ 400 million in a new funding round. Therefore, its total valuation could rise to $ 7 billion.
A potential valuation of $ 7 billion
Citing unnamed sources on Thursday, Bloomberg reported that the fundraising will bring the exchange's valuation to $ 7 billion.
Gemini, led by twins Winklevoss, Cameron and Tyler (known for creating Facebook with Mark Zuckerberg - Facebook actions), is set to join the growing list of the best cryptocurrency-related companies, including Coinbase and ConsenSys, taking advantage of favorable market conditions and growing interest from traditional investors to raise new capital.
According to the report, the plans have not been finalized, so the terms of the fundraiser may still change.
The Gemini IPO
As the bull run in the cryptocurrency market continues (although it has slowed down a bit this week), several exchanges are moving to go public with their businesses. Like? Obviously through an initial public offering (IPO), direct listing or merger with a special purpose acquisition company (SPAC).
In early January, Gemini announced it was considering going public through an IPO. This follows on from its competitor, Coinbase, which had become the first US-based exchange to be active on the Nasdaq through a direct listing.
“We are definitely considering it and making sure we have this option. We are watching the market and also discussing internally whether it makes sense to us right now. We are certainly open to this, ”the company said.
With the influx of large institutional investors and growing competition within the space, cryptocurrency companies are in need of new funding, which often comes in handy for hiring new staff, acquisitions, expanding product offering and much more. other.
Decarbonize Bitcoin
Gemini has grown to become one of the leading cryptocurrency trading platforms in the United States, with a record volume of $ 268,3 million per day. The New York-based exchange is also interested in compliance and building solutions to further develop the Bitcoin and cryptocurrency ecosystem.
Just a few months ago, following several complaints about the environmental impacts of Bitcoin-related businesses, Gemini announced a long-term initiative called Gemini Green to help decarbonise Bitcoin by adding environmentally friendly practices into its business.
And what do you think of all this? Do you also like the green twist of the company of the Winklevoss twins? Let us know in the comments section below.
