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Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has secured Nasdaq as a strategic investor ahead of its initial public offering this week, CNBC has confirmed.
Nasdaq plans to invest $50 million in the crypto company in a partnership that will allow the stock exchange to offer Gemini’s custodial services to its financial institution clients. Gemini will also become a distribution partner for Nasdaq’s trade management system known as Calypso.
The investment, first reported by Reuters early Tuesday, is separate from Gemini’s planned initial public offering this week. The crypto company plans to raise up to $317 million Friday in its public debut on the Nasdaq.
“We continue to expand our capabilities to serve our institutional clients and the broader investor universe as the regulatory landscape around crypto assets evolves,” a Nasdaq spokesperson said in a statement shared with CNBC. “To prepare for future developments while maintaining an open-ecosystem approach to market infrastructure, we will partner with Gemini on a non-exclusive basis as part of a broader strategy to offer multi-custodial and staking services for crypto assets. Additionally, we will work with Gemini as a distribution partner for Nasdaq Calypso, to serve firms seeking to benefit from its collateral management capabilities across traditional and digital assets.”
