On Thursday, Gemini Trust Company, LLC., a New York-based cryptocurrency exchange and custodian, had issued a statement saying that the crypto brokerage firm had raised a stark upsum of $400 million at its latest fundraising campaign which had reportedly been led by a hedge fund, Creek Digital, sending the crypto start-up’s valuation at more than a whopping $7.1 billion in less than six years.
On top of that, founded back in the 2015s by a Cameron Winklevoss and Tyler Winklevoss, the Winklevoss twins whose concept of an intra-college social networking platform was believed to be stolen by Facebook’s Zuckerberg, currently known as Meta Platform, Gemini’s platform offers its customers wide-ranging options including buying, selling, storing and earning cryptos in bitcoin and ether.
Nonetheless, Gemini’s involvement in DeFi (Decentralized Finance) tokens, which is usually exploited to funnel funds without disclosing identity for a flurry of illegal activities such as human-trafficking among others, had reportedly been higher than its rival peers.
DeFi tokens allow users to conduct transactions by bypassing traditional financial regulatory bodies such as Central Banks.
Crypto exchange Gemini valued at over $7 billion
Apart from that, Gemini said in a statement late in the day that the crypto brokerage firm would capitalize on the fresh capital to stretch out its geographical footprints in a bid to enhance its territorial advantage, while the firm, which also holds an NFT marketplace (Non-fungible token) for digital art and celebrities, had been brewing off an option to expand its offerings, too.
However, crypto firms’ valuations had witnessed a meteoric rally over recent past, as values of bitcoin and ether had ramped up following launch of bitcoin-futures in the US that in effect had heightened up hopes of a mainstream adoption of digital currencies, suggested analysts.