The Winklevoss twins' crypto exchange Gemini will allocate capital from its $ 400 million funding round to build a "Gemini experience in different metaverses."
Gemini announced that there was closed a $ 400 million equity growth financing round with a valuation of $ 7.1 billion on Nov. 18, marking the first time the company has sought outside funding. Morgan Creek Digital led the round with participation from 10T, ParaFi, Newflow Partners, and Marcy Venture Partners, to name a few.
In particular, the Commonwealth Bank of Australia (CBA), which also partnered with Gemini to launch the first cryptocurrency trading services offered by one of the Big Four Australian banks - also backed the round.
"With this round of financing, Gemini will continue to bring simple, innovative and safe products to the market, and will advance its geographic expansion," the announcement reads.
During an interview with Forbes published on November 18, Tyler and Cameron Winklevoss outlined his plans to expand the reach of Gemini in the Metaverse.
Tyler noted that rather than building numerous "branches in the meat space," a reference to the popular meme-based description of physical reality, the company aims to expand through multiple metaverses:
"We're going to create a Gemini experience in different Metaverses, where you can go to Gemini and trade, but it would be immersive instead of on your phone."
According to Forbes, the twins will retain 75% ownership of Gemini, and Morgan Creek's general partner Sachin Jaitly will join the board of directors as part of his company's $ 75 million investment in the crypto platform.
The move will once again see the duo compete with Mark Zuckerberg, with whom they fought in court over ownership of Facebook more than a decade ago. The Twins sued Zuckerberg in 2004, alleging he stole their intellectual property to create Facebook, and settled in 2011 for $ 65 million.
Related: VR Metaverse gets closer to reality as Meta unveils haptic gloves
Cameron emphasized to Forbes that, unlike the centralized roadmap for the Metaverse from companies "like Facebook or Fortnite," Gemini is aiming for the decentralized route because of the belief that it offers a greater advantage for the user:
"But there is another way, which is the decentralized Metaverse and that is the Metaverse where we believe that there are more options, independence and opportunity, and there is technology that protects the rights and dignity of people."
"Decentralization is a spectrum," added Cameron, noting that "we want to continue moving up the spectrum towards empowerment."
The twins seized parcels of land in The metaverse of the sandbox In early April, Tyler pointed out at the time that the plan was to set up the Gemini crypto exchange and the NFT Nifty Gateway marketplace in the gaming-centric virtual world to win.
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