{"id":73072,"date":"2023-01-25T17:46:56","date_gmt":"2023-01-25T15:46:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73072"},"modified":"2025-09-09T12:04:47","modified_gmt":"2025-09-09T09:04:47","slug":"nifty-gateway-co-founders-depart-gemini","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nifty-gateway-co-founders-depart-gemini\/","title":{"rendered":"Nifty Gateway co-founders depart Gemini"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Some news \u2014 after almost 4 years, <a href=\\\"https:\/\/twitter.com\/gcockfoster?ref_src=twsrc%5Etfw\\\">@gcockfoster<\/a> and I are departing <a href=\\\"https:\/\/twitter.com\/Gemini?ref_src=twsrc%5Etfw\\\">@gemini<\/a> and are passing the baton at <a href=\\\"https:\/\/twitter.com\/niftygateway?ref_src=twsrc%5Etfw\\\">@niftygateway<\/a>.<\/p>\n<p>This journey has been an incredible ride, but Griffin and I are founders at heart and we want to start another company.<\/p>\n<p>\ud83e\uddf5 w\/ some thoughts below:<\/p>\n<p>\u2014 duncancockfoster.eth | Nifty Gateway (@dccockfoster) <a href=\\\"https:\/\/twitter.com\/dccockfoster\/status\/1618239862272069632?ref_src=twsrc%5Etfw\\\">January 25, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThis journey has been incredible, but Griffin and I are founders at heart and we want to start another company,\u201d explained Duncan Kok Foster.<\/p>\n<\/blockquote>\n<p>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.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">.<a href=\\\"https:\/\/twitter.com\/gcockfoster?ref_src=twsrc%5Etfw\\\">@gcockfoster<\/a> and I don\u2019t have a plan for what\u2019s next. Our first step will be to take a sabbatical, digest what has happened over the 5 years since we started <a href=\\\"https:\/\/twitter.com\/niftygateway?ref_src=twsrc%5Etfw\\\">@niftygateway<\/a>, and start brainstorming new startup ideas.<\/p>\n<p>I\u2019m also going to learn how to surf if anyone has tips.<\/p>\n<p>\u2014 duncancockfoster.eth | Nifty Gateway (@dccockfoster) <a href=\\\"https:\/\/twitter.com\/dccockfoster\/status\/1618239869276532736?ref_src=twsrc%5Etfw\\\">January 25, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cOur 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,\u201d he clarified.<\/p>\n<\/blockquote>\n<p>The co-founders&#8217; statement appeared amid difficulties at the bitcoin exchange. In November 2022, the platform <a href=\"https:\/\/forklog.com\/en\/news\/genesis-global-capital-suspends-crypto-lending-operations\">suspended withdrawals<\/a> 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&#8217;s Digital Currency Group.<\/p>\n<p>In December Gemini <a href=\"https:\/\/forklog.com\/en\/news\/gemini-reports-data-breach-affecting-user-data\">reported a data breach<\/a> resulting from a series of phishing attacks.<\/p>\n<p>In the same month, a group of investors filed a <a href=\"https:\/\/forklog.com\/en\/news\/class-action-suit-filed-against-gemini-over-earn-product\">class-action lawsuit<\/a> against the exchange and its founders, the Winklevoss brothers, for selling unregistered securities in the form of Earn interest accounts. Later, similar claims <a href=\"https:\/\/forklog.com\/en\/news\/sec-accuses-gemini-of-selling-unregistered-securities\">were filed<\/a> <span data-descr=\\\"U.S. Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span>.<\/p>\n<p>On January 20, 2023, the crypto-lending platform Genesis Global Capital filed a <a href=\"https:\/\/forklog.com\/en\/news\/genesis-part-of-digital-currency-group-files-for-bankruptcy\">bankruptcy filing<\/a>. According to reports, Genesis&#8217;s debt <a href=\"https:\/\/forklog.com\/en\/news\/financial-times-genesis-global-capital-owes-creditors-more-than-3-billion\">reached $3 billion<\/a>. This amount includes claims by Gemini&#8217;s clients totalling $900 million <a href=\"https:\/\/forklog.com\/en\/news\/ft-reports-genesis-and-dcg-owe-gemini-clients-900-million\">.<\/p>\n<p>As reported, in light of the adverse conditions in the crypto market, the Winklevoss-led company carried out two rounds of layoffs.<\/p>\n<p>In January, reports said that Gemini laid off 10% of its staff amid Genesis Global Capital&#8217;s bankruptcy.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":73073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,719,2303],"class_list":["post-73072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-gemini","tag-nifty-gateway"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=73072"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73072\/revisions"}],"predecessor-version":[{"id":73074,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73072\/revisions\/73074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73073"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}