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Winklevoss Twins Lent Their Crypto Platform Gemini $100M: Bloomberg
The brothers had tried to get outside investment, Bloomberg said.
By Nick Baker
Updated May 9, 2023, 4:12 a.m. Published Apr 10, 2023, 7:32 p.m.
Tyler and Cameron Winklevoss recently lent their Gemini cryptocurrency exchange $100 million to support the business amid the market downturn, Bloomberg reported.
The brothers provided the loan after trying to get outside investment for Gemini, Bloomberg said, citing anonymous sources.
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A Gemini spokesperson didn't immediately respond to CoinDesk's request for comment.
The $100 million figure stands out in part because that equals the amount Gemini agreed to give some of its customers as part of the Genesis bankruptcy case. Genesis, which, like CoinDesk, is owned by Digital Currency Group (DCG), froze withdrawals in the aftermath of FTX's collapse last year, a decision that locked up money for customers of Gemini's Earn yield product. As part of a February settlement DCG reached with creditors, Gemini said it would contribute up to $100 million to Earn users.
It's not clear if the $100 million loan and $100 million Earn commitment are related.
UPDATE (April 10, 2023, 20:03 UTC): Adds $100 million Earn pledge.
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