Wednesday, December 8, 2021

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    Gemini Raises $400 Million To Build Facebook Rival Metaverse

    Tyler and Cameron Winklevoss, the twins who had a huge feud with Facebook, are now in the process of signing the last documents on their first round of raising capital which translated to a $400 million investment which takes the values of parent company, Gemini Space Station, LLC, at $7.1 billion.

    Founded by the Winklevoss twins, the capital raising round was led by Morgan Creek Digital along with participation from 10T, ParaFi, Newflow Partners and Marcy Venture Partners to name a few.

    “With this round of financing, Gemini will continue to bring simple, innovative, and secure products to market, and advance its geographic expansion,” the announcement read.

    “There’s a centralized path, like Facebook or Fortnite, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized 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.”

    The brothers will retain 75% ownership in the company after the investment will their net worth almost doubling from $6 billion in April to $10 billion today. 

    The Gemini space is looking forward to take on Facebook now turned into Meta to get ahead in the Metaverse race.

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