The Winklevoss twins have major plans for a Gemini future in various metaverses as they compete with archrival Meta.
Gemini declared on Thursday that it had shut a $400 million equity growth funding round at a value of $7.1 billion, the first time the company had desired outside funding. Morgan Creek Digital directed the round, which also included 10T, ParaFi, Newflow Partners, and Marcy Venture Partners, among others.
The Commonwealth Bank of Australia, which also partnered with Gemini to release the first crypto trading services provided by a big four Australian bank, also contributed to the round.
“With this round of financing, Gemini will continue to bring simple, innovative, and secure products to market, and advance its geographic expansion,” according to the announcement.
Tyler and Cameron Winklevoss discussed their plans to widen Gemini's reach into the metaverse in an interview with Forbes published on Thursday.
Instead of constructing numerous "branches in meatspace" an allusion to the popular meme-based description of physical reality. Tyler stated that the company intends to spread itself across multiple metaverses: “We’re gonna build a Gemini experience in different Metaverses, where you can go into Gemini and trade, but it would be immersive instead of on your phone.”
According to Forbes, the twins will own 75% of Gemini, with Morgan Creek general partner Sachin Jaitly joining the board of directors as part of his firm's $75 million investment.
The step will pit the duo against Mark Zuckerberg, who indeed they famously confronted in court over Facebook ownership over a decade ago. The twins sued Zuckerberg in 2004, accusing that he stole their intellectual property to establish Facebook, and they eventually settled in court for $65 million in 2011.
Cameron told Forbes that, in contrast to the centralised roadmap for the metaverse offered by firms "like Facebook or Fortnite," Gemini is striving for the decentralised way because it thinks it provides greater upside for the user: “But there is another path, which is the decentralized Metaverse and that’s the Metaverse where we believe there’s a greater choice, independence and opportunity, and there is a technology that protects the rights and dignity of individuals.”
“Decentralization is a spectrum,” Cameron added, noting that “we want to continue to move down the spectrum toward empowerment.”
At the beginning of April, the twins bought plots of land in The Sandbox metaverse, with Tyler stating at the time that the strategy was to set up Gemini's crypto exchange and nonfungible token marketplace Nifty Gateway in the play-to-earn centred virtual world.