The departure of the Nifty Gateway co-founders comes one week after Gemini’s partner, Genesis Global Capital, filed for bankruptcy protection.
Nifty Gateway co-founders, Duncan and Griffin Cock Foster, have announced their intention to step down from the company. While the exact timeline is unknown, the brothers have stayed on for the four years initially agreed upon after Gemini acquired the company.
Recall that Gemini acquired Nifty Gateway in 2019 before NFTs became lucrative. According to Duncan Cock Forster, they “ended up staying the max amount of time we originally thought possible, which shows how great this experience was.”
While stating the experience has been incredible, Duncan noted that he and his brother were seeking a new challenge. “We want to start another company,” he said. The brothers plan to take a sabbatical to reflect on the past five years at Nifty Gateway and to brainstorm new startup ideas while on it.
Eddie Ma will take over as the new Technical leader in their absence while Tara Harris will become the Non-tech leader. However, the Cock Forster twins plan to stay in an advisory capacity for the company to ensure a smooth transition. They also plan to release a roadmap for the marketplace soon.
Meanwhile, the Cock Forster twins have lauded the vision of the Winklevoss twins who acquired the company when NFTs were not yet lucrative.
Gemini’s Woes
The departure of the Nifty Gateway co-founders comes one week after Gemini’s partner, Genesis Global Capital, filed for bankruptcy protection. Recall that in November, Gemini and Genesis partnered together on the Genesis Earn program, offering up to 7.4% interest to customers on crypto holdings. Last November, the two companies halted withdrawals, citing liquidity issues and market conditions.
Genesis and Gemini also face an SEC case after the SEC alleged that the Gemini Earn program by the two companies violated the securities law.
As it stands, Gemini is looking to recoup about $900 million in assets owed to it by Genesis. Already, the firm has established a committee to help recoup the funds from the lender and its parent company.
Since Genesis announced bankruptcy, Gemini has announced a 10% cut to its employee numbers. According to Griffin Cock Forster, some Nifty Gateway staff were also affected. “These choices are not easy; these are people we care about and respect”, said Griffin.
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