Crypto exchange Gemini has raised $400 million at a valuation of $7.1 billion.

The New York based company was founded in 2015 by Cameron and Tyler Winklevoss, as a platform which allowed users to trade, buy, and store cryptocurrencies.

The round was led by Morgan Creek Digital, with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, the Commonwealth Bank of Australia and others.

Gemini told Forbes they intend to use the capital to finance the building of a “more decentralised metaverse”, compared to Meta.

The company has made efforts over the past years to diversify its business model.

In 2019 it purchased non-fungible token (NFT) platform Nifty Gateway, which Gemini says has generated over $420 million in sales.

Gemini also increased its geographic footprint in 2021, obtaining its EMI license from the Financial Conduct Authority (FCA).

The crypto exchange has also filed its license with the Monetary Authority of Singapore to expand further into the Asia Pacific region and said it intends to expand into new markets around the world.

“We are leading the first outside investment in Gemini because of our shared conviction in crypto and belief in the company that Cameron and Tyler are building,” said Sachin Jaitly, general partner of Morgan Creek Digital. “Their vision for the role of crypto in redesigning money, the financial system, art, and the Internet, and their track record of incubating and scaling innovative technologies, gives us confidence in Gemini’s ability to continue to be an industry leader.”

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