Nifty Gateway co-founders Duncan Kok Foster and Griffin Kok Foster said they are stepping away from their posts and leaving Gemini. In 2019, the bitcoin exchange acquired the 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
“This journey has been incredible, but Griffin and I are founders at heart and we want to start another company,” explained Duncan Kok Foster.
According to him, in 2019 they decided to work with Gemini for four years and ended up staying for the maximum possible time. The Nifty Gateway co-founder did not specify a precise date for leaving Gemini, but noted that he would remain as an adviser alongside his brother.
.@gcockfoster and I don’t have a plan for what’s next. Our first step will be to take a sabbatical, digest what has happened over the 5 years since we started @niftygateway, and start brainstorming new startup ideas.
I’m also going to learn how to surf if anyone has tips.
— duncancockfoster.eth | Nifty Gateway (@dccockfoster) January 25, 2023
“Our first step will be to take a creative sabbatical, digest what has happened over five years since the launch of Nifty Gateway, and start brainstorming,” he clarified.
The co-founders’ statement appeared amid difficulties at the bitcoin exchange. In November 2022, the platform suspended withdrawals and the issuance of new loans under the Gemini Earn lending program. The problems were caused by Genesis Global Capital, a key partner in Barry Silbert’s Digital Currency Group.
In December Gemini reported a data breach resulting from a series of phishing attacks.
In the same month, a group of investors filed a class-action lawsuit against the exchange and its founders, the Winklevoss brothers, for selling unregistered securities in the form of Earn interest accounts. Later, similar claims were filed SEC.
On January 20, 2023, the crypto-lending platform Genesis Global Capital filed a bankruptcy filing. According to reports, Genesis’s debt reached $3 billion. This amount includes claims by Gemini’s clients totalling $900 million .
As reported, in light of the adverse conditions in the crypto market, the Winklevoss-led company carried out two rounds of layoffs.
In January, reports said that Gemini laid off 10% of its staff amid Genesis Global Capital’s bankruptcy.
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