- Griffin Cock Forster and Duncan Forster confirmed their resignation as the founders of the Nifty Gateway NFT marketplace.
- Gemini suffered yet another blow as the platform purchased Nifty Gateway in 2019.
- The twin Cock Foster is planning to start a new venture and will remain as a technical advisor of the NFT market platform.
In a recent announcement, it was revealed that Duncan and Griffin Cock Foster, the Founders of the Nifty Gateway NFT market platform, have stepped down. This has marked yet another blow to the Gemini crypto exchange.
Some news — after almost 4 years, @gcockfoster and I are departing @gemini and are passing the baton at @niftygateway.— duncancockfoster.eth | Nifty Gateway (@dccockfoster) January 25, 2023
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:
As for the resignation, it has been revealed that the former founders have plans in mind to start a new venture. The NFT market platform was sold to Gemini exchange in 2019 by twin brothers Duncan and Griffin Cock Foster after making Nifty Gateway in 2018.
Eddie Ma, the Vice President of Engineering, and Tara Harris, the Director of Collector Services and Growth, are all set to take over the administration of the Nifty Gateway marketplace under the new transition.
Duncan Cock Foster released a goodbye statement that addressed his earlier statement regarding the fact that if everything went amazing with the project, they would stay for four years before planning to start a new company.
Adding further to his statement, Duncan said that they have been preparing for this particular transition for months now, and they are extremely confident that NG is in capable hands. As for Tyler and Cameron, they are visionaries who witnessed the potential in NFTs before anyone, and under their administration, Nifty Gateway will continue to blossom.
Well, this all happened at a time when Gemini was already suffering the wrath of the ongoing crypto winter, which has caused many crypto projects to witness incredible losses. Earlier this year, Gemini made an announcement regarding a massive layoff of its staff due to critical crypto market conditions.
In addition to this, what contributes further to the bad times of Gemini is the fact that it has recently been under utmost pressure over the fate of $900 million in customer funds following the collapse of the FTX exchange.
Crypto lending firm Genesis and Gemini entered a partnership in order to facilitate the launch of a program that offered customers up to 8% interest in crypto holding. Well, the two are now struggling over unreturned funds.