Gemini gets a $100m lifeline from Winklevoss twins
The Winklevoss twins have reportedly injected $100 million into the embattled Gemini crypto exchange. Sources say the platform will use the money to fund its operations.
Gemini Trust Co, one of the countless crypto market participants hit hard by the FTX collapse and crypto winter, has gotten a lifeline following a $100 million investment from the platform’s founders, Tyler and Cameron Winklevoss.
According to a report by Bloomberg, citing anonymous sources close to the bitcoin (BTC) trading venue, the funding comes after months of sourcing funds from outside investors without much success, amid a barrage of lawsuits from investors and the Securities and Exchange Commission (SEC). Sources say the $100 million funding will cover the exchange’s operational needs.
Genesis Global Holdco, the parent company of the Gemini exchange, filed for Chapter 11 bankruptcy in Januanry after failing to overcome the liquidity crunch brought upon it by the abrupt collapse of Three Arrows Capital and the disgraced Sam Bankman-Fried’s FTX last year.
Last December, Cameron Winklevoss announced the launch of the Gemini Creditor Commission to address the liquidity crisis at the company while also floating an asset recovery plan for the victims of its now-defunct Earn product.