Possibility of going public is under consideration by the co-founders of cryptocurrency exchange Gemini, Cameron and Tyler Winklevoss. As the president at Gemini, Cameron Winklevoss mentioned, “We are keeping a watch on market trends while internally deliberating on whether this is the right move for us at this juncture.”
The company’s financials remain an enigma, unlike its competitor Coinbase, which has been under the spotlight with revenue estimates by various analysts and publications. Despite this, Gemini recently increased its workforce to 350 and announced managing over $10 billion in digital assets. The Winklevoss brothers remain the primary financiers of Gemini.
Current Developments in Gemini
The recent initiatives by Gemini have been aimed at enticing both retail and institutional clients to their platform, although detailed financial information is scarce.
If opting to enter public markets becomes a reality for the New York-based exchange, it will mark the third entry by a crypto firm in recent times. This follows Coinbase, the largest cryptocurrency exchange by trading volume in North America, which just last week completed a merger with a Special Purpose Acquisition Company (SPAC) at a valuation of $2.1 billion.
Crypto Market Trends
The public listings of crypto companies have been spurred by shifting paradigms within their markets. After enduring several years of downturn, the crypto markets have displayed more stability compared to the volatility observed during the 2017 bull run.
Advancements in infrastructure and capabilities of crypto exchanges allow them to cater to a wider spectrum of customers and trading activity. Additionally, macroeconomic uncertainties coupled with the integration of digital currencies into public and private ventures have contributed to Bitcoin’s price surge.
Gemini’s Strategic Moves
Such developments are expected to bolster revenue for crypto entities like Gemini. The exchange has previously announced strategic partnerships to enhance its offerings targeting institutional investors. Without public financial data or revenue estimates, it remains challenging to assess the impact of these ventures on Gemini’s earnings.
In the pursuit of boosting revenue and user base, Gemini has unveiled a new product, the Gemini credit card. Unlike typical cashback cards, this allows users to earn up to 3% back in Bitcoin and other cryptocurrencies on every purchase. This move is expected to drive user registration on Gemini’s exchange as customers must create accounts to store their crypto rewards, thereby increasing its user base.