Popular New York-based cryptocurrency exchange Gemini recently revealed that it is looking to raise around $ 400 million in a new round of funding. 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, led by Winklevoss twins Cameron and Tyler, is expected to join the growing list of top crypto-related companies, including Coinbase and ConsenSys, taking advantage of favorable market conditions and growing interest from traditional investors to raise new 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 bullish race in the crypto market continues, several exchanges are taking steps to go public through an initial public offering (IPO), direct listing, or a 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’re definitely thinking about it and making sure 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 increasing competition within the space, crypto firms are in need of new funding, which is often useful for hiring new staff, acquisitions, expanding product offerings and much more. others.
Decarbonizing Bitcoin
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 concerned with compliance and creating 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.
