The crypto exchange Gemini has suffered another big blow after twin brothers Duncan and Griffin Cock Foster, the founders of its Nifty Gateway NFT market platform, steps down. The former founders plan to start a new venture.
In a January 25 blog post, Griffin Cock Forster, the co-founder of Nifty Gateway, confirmed his resignation and that of his twin brother Dancan Forster as the founders of the Nifty Gateway NFT Marketplace.
Some news — after almost 4 years, @gcockfoster and I are departing @gemini and are passing the baton at @niftygateway.
This journey has been an incredible ride, but Griffin and I are founders at heart and we want to start another company.
w/ some thoughts below:
— duncancockfoster.eth | Nifty Gateway (@dccockfoster) January 25, 2023
Duncan And Griffin Steps Down As Nifty Gateway Founders
Twin brothers Duncan and Griffin Cock Foster made Nifty Gateway in 2018 before selling the NFT market platform to Gemini in 2019. Gemini is a crypto exchange owned by another set of twins, Cameron and Tyler Winklevoss.
Under the new transition, Eddie Ma, the Vice President of engineering, and Tara Harris, the director of collector services and growth, will now take over the administration of the Nifty Gateway marketplace.
The now officially former founder Cock Fosters will remain as technical advisor of the NFT market platform. The twin Cock Foster intends to start a new venture. In his goodbye statement, Duncan Cock Foster remarked:
“When Gemini acquired NG in 2019, Griffin and I said if everything went amazing and we loved it, we would stay for four years before starting another company. We ended up staying the max amount of time we initially thought possible, which shows how great this experience was!”
Duncan further added:
“We have been preparing for this transition for months, and we are extremely confident that NG is in good hands. Cameron and Tyler are visionaries who saw the potential in NFTs well before almost anyone else. Under their leadership, Nifty Gateway will continue to thrive.”
Twin Cock Fosters Exit Is A Big Blow For Gemini
The stepping down of Duncan and Griffin Cock Foster as Nifty Gateway founders appeared when Gemini continued suffering the wrath of the ongoing prolonged crypto winter, which has left many NFT –related projects in massive losses.
Earlier this year, Gemini announced a massive layoff of its staff, citing hostile crypto market conditions. On Monday, the crypto exchange confirmed laying off another 10% of its staff over the same concerns.
Furthermore, Gemini has recently been under pressure over the fate of $900 million in customer funds after the FTX collapse. Gemini and crypto lending firm Genesis had partnered to launch a program that offered customers up to 8% interest in crypto holding. The two are now in a tussle over unreturned funds.
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