Cryptocurrency exchange Gemini Trust Co. is seeking to raise $400 million in a new funding round that would bring the firm’s valuation to $7 billion, Bloomberg reported Thursday.
What Happened: TheNew York-based Gemini has not finalized its plans for the new financing round and the terms can still change, as per the report. The company was co-founded by twin brothers Tyler and Cameron Winklevoss.
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Why It Matters: Gemini’s plan for a new financing round comes amid rising competition in the cryptocurrency sector and growing interest from retail investors in cryptocurrencies.
ConsenSys said Wednesday it has closed a $200 million financing round that values the Ethereum software development company at $3.2 billion.
Gemini said earlier this week that Shiba Inu, the self-described “Dogecoin killer,” has been listed on its cryptocurrency exchange. The announcement comes six months after the company said it has approved trading and custody support for Dogecoin (CRYPTO: DOGE).
Price Action: Bitcoin is up almost 0.5% during the past 24 hours, trading at $59,798.73 at press time. Ethereum is up 2.1% over the 24 -our period to $4,255.29.