Crypto Exchange Gemini’s Big Bet on “Decentralised” Metaverse
Crypto exchange Gemini trust has announced a USD 400 million funding round led by Morgan Creek Capital. Other investors include Jay Z’s Marcy Venture Partners and the Commonwealth Bank of Australia.
The Winklevoss-led exchange said in a press release that it “will continue to bring simple, innovative, and secure products to market, and advance its geographic expansion”.
Gemini currently manages over USD 30 billion in digital assets. It has approximately USD 268.3 million in daily spot volume, as compared to its larger rival Binance at USD 30.2 billion. The exchange also has its own NFT marketplace, NiftyGateway
Gemini is one of the many blockchain firms that have capitalised on increasing institutional interest. ConsenSys, the blockchain infrastructure company behind Ethereum wallet MetaMask, recently raised USD 200 million and is now valued at USD 3.2 billion.
The Winklevoss brothers are known for their feud with Facebook founder Mark Zuckerberg, and it seems that they’re also keen to explore possibilities in the Metaverse, similar to Facebook’s recent plans to move beyond social media and rebrand itself as “Meta”.
The twins have already bought virtual real estate (LAND) in the Ethereum-based game The Sandbox back in April.
“But there is another path, which is the decentralised metaverse and that’s the metaverse where we believe there’s greater choice, independence and opportunity, and there is technology that protects the rights and dignity of individuals”, said Cameron Winklevoss.
The “Metaverse” is a broad term for online 3-D environments where users can interact with one another. However, the blockchain industry has consistently called for more decentralisation within the Metaverse so that participants can have full ownership of their assets without the need for centralised organisations. Many have touted the possibility of using cryptocurrencies or NFTs as potential instruments for value exchange in the Metaverse.
Image Credit: The Coin Republic