Crypto Space-Named Companies Gemini and Moonpay Raise Big Dough
Posted on 11/22/2021
Gemini Space Station, LLC was founded by Tyler and Cameron Winklevoss. Digital currency exchange Gemini raised US$ 400 million in an investment round from investors led by Morgan Creek Digital and with participation from ParaFi Capital and other companies. Famous from the origins of Facebook, the Winklevoss twins are expected to hold on to 75% of their company. Other likely investors in the crypto company include rapper Jay-Z’s Marcy Venture Partners, former Disney chairman Jeffrey Katzenberg’s WnderCo, the Commonwealth Bank of Australia, private equity firm 10T, family office advisory Newflow Partners, United Talent Agency, Jane Street, K5 Global, Pantera, VanEck and BoostVC. Morgan Creek General Partner Sachin Jaitly became the third member of the Gemini board of directors as part of the company’s US$ 75 million investment. The crypto platform Gemini is now worth $7.1 billion, due to its latest funding round. From the early hours of November 22, 2021, Coinbase has an estimated market capitalization of US$ 71.46 billion.
The Winklevoss twins have dreams for Gemini to build into metaverses to compete against Facebook (renamed to Meta). The Gemini Frontier Fund, Gemini’s investment arm, is made up of metaverse-related ventures and that fund acquired stakes in metaverse platforms like Somnium Space and The Sandbox.
The “PayPal” of Crypto Name
Fintech firm MoonPay raised US$ 555 million in its first-ever financing round, valuing the company at US$ 3.4 billion. The investment in MoonPay was led by Tiger Global Management and Coatue. Formed in 2018, Miami-based MoonPay lets users buy cryptocurrencies using conventional payment methods like credit cards, bank transfers, or mobile wallets. MoonPay sells its technology to other businesses including crypto website Bitcoin.com and non-fungible token (NFT) marketplace OpenSea.
El Salvador
On another note, El Salvador plans to construct a “Bitcoin City” near a volcano that will be funded by Bitcoin, the country’s President Nayib Bukele disclosed Saturday. The zone will be built near Conchagua volcano in south-eastern El Salvador. The city will have no taxes except from value added tax (VAT).
Last, El Salvador plans to raise circa US$ 1 billion via a “Bitcoin Bond” in partnership with Blockstream, a digital assets infrastructure company. 50% of the money would be used to acquire Bitcoin. The other US$ 500 million would be allocated to energy and bitcoin mining infrastructure, according to the government.