Benzinga - Cryptocurrency exchange Gemini, on Monday, reportedly received a $100 million loan from its co-founders, Tyler Winklevoss and Cameron Winklevoss.
What Happened: The loan was made after Gemini failed to secure funding from outside investors, according to a Bloomberg report, citing anonymous sources,
While two individuals confirmed to Bloomberg that the loan took place, neither Gemini nor the Winklevoss brothers have commented on the news.
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The Winklevoss brothers set up the exchange back in 2015. Tyler Winklevoss currently serves as the CEO of the company, with Cameron Winklevoss serving as its president.
Gemini has been impacted by a series of events in the last year. In November 2022, the company halted withdrawals for its Earn product in collaboration with Genesis, after the collapse of the FTX cryptocurrency exchange. Eventually, the service was discontinued entirely and the process of returning funds to users is still ongoing.
The company also contributed $100 million in February to help Gemini Earn users recover their lost funds, but it is unclear whether the amount was allocated from personal or corporate funds.
Gemini did not respond to Benzinga's request to comment at the time of publishing.
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