The popular New York-based cryptocurrency exchange, Gemini, has recently revealed that it is seeking to raise about $400 million in a new funding round. Thus, its total valuation could rise to $7 billion.
A Potential $7B Valuation
Citing unnamed sources on Thursday, Bloomberg reported that the fundraising will bring the exchange’s valuation to $7 billion.
Gemini, spearheaded by the Winklevoss twins, Cameron and Tyler, is set to join the growing list of top crypto-related companies, including Coinbase and ConsenSys, in taking advantage of favorable market conditions and increasing interest from mainstream investors to raise fresh capital.
As per the report, the plans have not been finalized, so the terms of the fundraising can still change.
Gemini IPO Endeavors
As the bull run in the crypto market continues, several exchanges are making moves to take their businesses public via an initial public offering (IPO), direct listing, or merger with a special purpose acquisition company (SPAC).
Earlier in January, Gemini announced that it was considering going public through an IPO following its competitor, Coinbase, which had become the first U.S.-based exchange to go live on Nasdaq through a direct listing.
“We are definitely considering it and making sure that we have that option. We are watching the market, and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it,” the company said.
With the influx of large institutional investors and growing competition within the space, crypto companies need new funding, which often comes in handy for hiring new staff, acquisitions, expanding product offerings, and many more.
Gemini has grown to become one of the leading crypto trading platforms in the U.S., with a record $268.3 million in daily spot volume. The New York-based exchange is also keen on compliance and building solutions to further develop the Bitcoin and crypto ecosystem.
Just a few months ago, following several complaints about the environmental impacts of Bitcoin-related activities, Gemini announced a long-term initiative dubbed Gemini Green to help decarbonize Bitcoin by adding environmentally conscious practices into its business.
This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
#Bitcoin #Crypto #Cryptocurrency