Crypto exchange Gemini seeks to raise $400M funding at $7B valuation - Bloomberg

Cryptocurrency exchange Gemini Trust seeks to raise $400M in funding that would value the company at about $7B, people familiar with the matter told Bloomberg. Founded by famed Bitcoin (BTC-USD) investors Tyler and Cameron Winklevoss, Gemini is set to compete with publicly traded crypto exchange rivals including Voyager Digital (OTCQX:VYGVF), Coinbase Global (NASDAQ:COIN), Net Savings Link (OTCPK:NSAV) and BIGG Digital Assets (OTCQX:BBKCF). There are no finalized plans and the terms can still be changed, Bloomberg notes. Gemini has about $278.5M in daily spot volume over the past 24 hours, according to data from CoinMarketCap. This compares with the largest crypto exchange, Binance, at $106.9B. In the past year, most crypto exchanges, excluding Coinbase (COIN), outpaces Bitcoin (BTC-USD) by a wide margin, according to the chart below. Previously, (April 27) Mastercard partnered with Gemini for crypto rewards credit card.