Winklevoss Twins’ Gemini Exchange Ventures into Wynwood, Miami Amid Easing Regulatory Concerns
Overview of Gemini’s New Miami Office
- Gemini, a cryptocurrency firm backed by Winklevoss twins, will open an 8,840-square-foot office in Miami’s Wynwood district.
- The company is set to occupy the new space by May 2025.
- This expansion follows Gemini’s confidential filing for an initial public offering (IPO) earlier this year.
- A federal judge recently granted a 60-day pause in the SEC’s lawsuit against Gemini.
- Gemini joins other notable tech companies like Amazon and Spotify in Wynwood.
New Office Details
Gemini, the cryptocurrency exchange co-founded by billionaires Cameron and Tyler Winklevoss, is expanding its presence into South Florida with a new office in the popular Wynwood district of Miami. The New York-based exchange has signed a lease for 8,840 square feet in the 545wyn building, located at 545 NW 26th Street.
The company anticipates moving into the new location by May 2025. This will be Gemini’s first physical office in South Florida, complementing its existing locations in New York and Europe. The 545wyn building, which was developed in 2020 by the Chicago-based firm Sterling Bay, already hosts major tenants such as Sony Group Corp., PwC, and architecture firm Gensler.
Wynwood: A Rising Tech Hub
Wynwood has become a desired destination for technological and creative companies in recent years. Earlier this year, Amazon made headlines by signing the largest office lease in the district at Wynwood Plaza. Notable firms like Marcelo Claure’s investment company, Peter Thiel’s Founders Fund, and Spotify Technology have also established operations in the area.
According to Juan Ruiz, vice chairman of Blanca Commercial Real Estate, which facilitated the leasing deal, Gemini’s decision to set up shop at 545wyn highlights the area’s transition from an arts district to a thriving hub for top-tier tech and creative firms. He said, “Gemini’s decision to plant their flag at 545wyn speaks volumes about Wynwood’s evolution.”
Located near other cryptocurrency firms, Gemini’s Miami office will be close to Ripple Labs, which also operates in Wynwood, and MARA Holdings, a Bitcoin mining company headquartered in nearby Fort Lauderdale. The attractive regulatory environment in Florida, along with the absence of state income tax, may be enticing for crypto businesses like Gemini to set up their headquarters in the state.
Recent Regulatory Developments
Gemini’s expansion comes against the backdrop of its ongoing efforts to navigate various regulatory challenges. Recently, a federal judge placed a 60-day hold on a lawsuit initiated by the U.S. Securities and Exchange Commission (SEC) regarding Gemini Global Capital. The pause allows both parties to explore potential resolutions.
The SEC had filed the lawsuit in January 2023, alleging that Gemini offered and sold unregistered securities through its Gemini Earn program. In February, Cameron Winklevoss mentioned that the SEC had concluded its investigation into a separate inquiry involving Gemini. Furthermore, in January, the company agreed to pay a $5 million fine to the U.S. Commodity Futures Trading Commission (CFTC) due to alleged “false and misleading” statements related to its 2017 attempt to offer Bitcoin futures contracts.
These recent developments seem to be paving the way for Gemini’s future operations. According to reports from Bloomberg, the company confidentially filed for an IPO earlier this year, following the resolution of the SEC investigation and the CFTC settlement. Gemini had been contemplating pursuing an initial public offering as early as 2021, aiming to join other U.S.-based crypto firms that have since gone public.
