Digital payment technology provider Mogo revealed yesterday it was among the investors in the $400m funding round disclosed by US-headquartered cryptocurrency trading and storage platform developer Gemini last week.
The round was announced on Thursday and was led by Morgan Creek Capital’s Morgan Creek Digital subsidiary at a $7.1bn valuation. It was backed by financial services firm Commonwealth Bank of Australia, 10T, ParaFi Capital, Newflow Partners and Marcy Venture Partners and represents the company’s first external funding.
Founded in 2014, Gemini operates a digital platform which enables users to buy, sell and store digital currency and decentralised finance tokens. It works with some 60 cryptocurrencies and also allows users to earn and learn about cryptocurrency.
Gemini users also have the ability to create non-fungible tokens on its Nifty Gateway platform. The company will spend the capital on geographic expansion and introducing new products.
Cameron Winklevoss, Gemini’s co-founder and president, said last week: “In 2021 we diversified our revenue stream, expanded to new territories, acquired pioneering companies and invested in industry-redefining innovations through the Gemini Frontier Fund.
“We also supported Bitcoin core development through the Gemini Opportunity Fund. We are incredibly excited to continue to build on the frontier of crypto and give individuals around the world greater choice, independence and opportunity through crypto.”
The original version of this article was published on November 19, 2021.
