Nasdaq will invest $50 million in Gemini’s initial public offering, aligning the two firms ahead of the crypto exchange’s planned debut under the ticker GEMI, according to reports from Reuters and Bloomberg.

Founded by Cameron and Tyler Winklevoss, Gemini aims to raise up to $317 million in its listing at a target valuation of $2.2 billion, with Goldman Sachs and Citigroup acting as lead underwriters. The IPO would make Gemini the third publicly traded US crypto exchange, following Coinbase, which earlier this year joined the S&P 500, and Bullish.

The deal is structured as a private placement that extends beyond financing. Nasdaq’s clients will gain access to Gemini’s…

Read more on Blockworks