Gemini Cryptocurrency Exchange to Raise $400mln Based on $7bln Valuation

Gemini Trust, a cryptocurrency exchange, is seeking $400 million in a fresh investment round, bringing its value to $7 billion, according to Bloomberg, citing individuals familiar with the situation.

The round has not yet been finished and may alter, according to Bloomberg on Thursday. Billionaire twin brothers, Cameron and Tyler Winklevoss, are co-founders of Gemini. Several cryptocurrency companies, like ConsenSys and OpenSea, are raising funds by taking advantage of current market circumstances.

ConsenSys is anticipating a significant expansion after raising $200 million at a value of $3.2 billion, the firm said yesterday. Bitcoin reached a new all-time high of more than $68,000 only 10 days ago, and according to a November Bank of America study, a quarter of global fund managers predict bitcoin to reach more than $75,000 in the next 12 months.