Gemini, a cryptocurrency platform, has announced a US$400 million growth equity round, its first-ever outside financing, led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia, among others. This round values the company at US$7.1 billion. Launched in 2015 by Cameron and Tyler Winklevoss, Gemini has grown to become one of the leading crypto platforms in the world. In addition to buying, selling, and storing crypto, Gemini helps investors earn, spend, and learn about crypto, as well as create and collect non-fungible tokens (or NFTs) on Nifty Gateway, a wholly owned NFT platform.
Latham & Watkins LLP advised Gemini Trust, a Delaware limited liability company, with a transactional team led by Bay Area partner Haim Zaltzman and Los Angeles/Century City partner David Ajalat, with Boston associates John Miller and Andrew Rondeau. Advice was also provided on tax matters by New York partner Bora Bozkurt and Boston partner Brian McManus, with New York associate Eric Kamerman; on intellectual property matters by Washington, D.C. partner Jenny Cieplak; on executive compensation, employment, and benefits matters by Century City/Bay Area partner Julie Crisp and Los Angeles partner Joe Farrell, with associate Aaron Tso; on capital markets matters by Washington, D.C. partner Rachel Sheridan; on financial regulatory matters by New York partner Stephen Wink and New York counsel Gail Neely; and on CFTC matters by New York partner Yvette Valdez.