Gemini, the cryptocurrency exchange founded by twin brothers Tyler and Cameron Winklevoss, just made its first acquisition. The acquired firm, Nifty Gateway, was founded by brothers Duncan and Griffin Cock Foster.
Nifty Gateway allows users to purchase non-fungible tokens (NFTs) from crypto games such as CryptoKitties and Gods Unchained using credit and debit cards. These NFTs represent ownerships of certain digital assets, such as digital pets, art, stamps, and in-game items such as skins, dances, and weapons.
"Non-fungible tokens and the digital goods (and collectibles) they enable will play a major role in the next era of the digital economy. They are the perfect form factor for crypto-collectibles, crypto-art, and much more – laying the foundation for entirely new multi-billion dollar industries to emerge," said Gemini CEO Tyler Winklevoss.
According to a Bloomberg report, Gemini did not disclose how much it acquired Nifty Gateway for. It is also not known how many customers the smaller firm has. However, the Winklevoss believe that the market for Nifty Gateway is enormous.
“We believe in this future where all your assets will be on a blockchain and you may want to buy, sell and store them, and Nifty fits that vision,” Tyler Winklevoss told Bloomberg.