Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is seeking $400 million in funding.
Earlier this month, the New York-based cryptocurrency exchange Gemini disclosed its plans to raise approximately $400 million in a new round of funding. Bloomberg reported on Thursday, citing unnamed sources, that the stock market’s valuation would rise to $7 billion due to the fundraising.
In addition to Coinbase and ConsenSys, the Winklevoss brothers’ Gemini cryptocurrency exchange is expected to join a growing list of leading cryptocurrency-related companies, including Gemini. It intends to take advantage of favorable market conditions and growing interest in digital assets among mainstream investors.
Because of the continued bull market in the cryptocurrency market, several exchanges are making efforts to make their firms’ shares public via an IPO, direct listing of securities, or a merger with other companies.
With the advent of major institutional investors and increased competition in the market, bitcoin businesses need a new source of funding, often used for employing new staff, acquisitions, expanding product offerings, and other purposes.
With a daily spot trading volume of $268.3 million, Gemini has emerged as one of the largest cryptocurrency trading platforms in the United States. The New York-based exchange is also interested in developing legal solutions to help the bitcoin and cryptocurrency ecosystem.
Gemini unveiled its long-term program Gemini Green only a few months ago, after several concerns regarding the environmental effect of bitcoin-related operations. This is intended to assist the Bitcoin network in decarbonizing by incorporating green practices into its operations.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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