The Gemini cryptocurrency exchange, founded by the Winklevoss twins, signed a long-term lease in downtown Chicago, building on the crypto momentum in the city.
Gemini, led by Tyler and Cameron Winklevoss, leased around 17,000 square feet at 1 South Wacker Drive in the Loop, with plans to move in by August, the Business Journal reported, citing sources familiar with the deal. CBRE’s Brad Serot and Tony Coglianese represented Gemini in the transaction.
While a Gemini spokesperson declined to comment, the firm has about 100 job postings for Chicago. A digital currency exchange founded in 2014, Gemini opened its first Chicago outpost in 2019 working out of a coworking space. Last November, the firm raised $400 million in funding at a more than $7 billion valuation.
Other crypto firms have been expanding their presence in the city.
Chicago bitcoin ATM operator CoinFlip announced plans in August to move into a 44,000-square-foot headquarters in the Old Post Office and FTX, a crypto exchange in the Bahabams established its U.S. headquarters in the West Loop in January.
“Crypto firms have focused on Chicago, with six leases totaling over 125,000 square feet in the last six months with no signs of stopping,” CBRE’s Coglianese said.
Gemini has other connections to the city’s startup scene. Last year, the firm said it’s working to reduce its carbon footprint with Climate Valut, a nonprofit founded at the University of Chicago and earlier this year, its venture capital Frontier Fund invested in EarlyBird, a startup that lets families set up investment accounts for their children.
[The Business Journals] – Connie Kim