By Michael Scott
The founders of the Nifty Gateway Duncan Cock Foster and his twin brother Griffin will be leaving Gemini to form a new company. The Winklevoss brothers acquired Nifty Gateway in 2019 to launch the NTFs collection on the Gemini platform.
In November 2019, the Winklevoss twins acquired Nifty Gateway at an undisclosed amount aiming at introducing new digital assets that would boost the crypto exchange market dominance. The acquisition was the first one made by Gemini in the NFT space.
Nifty Gateway Exit Gemini
After working at Gemini for four years, the Cock Foster twins have announced plans to leave office intending to open a new investment. The twin’s departure comes when Gemini is battling shockers in the crypto space.
Recently, the crypto exchange was among the creditors’ list submitted by the now-bankrupt Genesis to the Delaware Bankruptcy Court. The bankruptcy filing revealed that Genesis owed the Winklevoss platform more than $765M.
Before that, Genesis exposed Gemini to liquidity woes that led to the suspension of redemptions on its Earn Product. The unexpected move affected over 340000 traders whose investments remain stuck on the Earn platform.
Beyond this, Gemini has been downsizing headcount from last year to survive the rough crypto winter and recover from Genesis implosions.
The Nifty Gateway tweet update revealed that among the team that left Gemini embroiled, Nifty Gateway’s key players were highly valued and respected by the twins. The Cock Foster brothers lamented that its troubled business associate Gemini had no other option to survive in a turbulent market.
Cock Foster Brothers’ Next Move
Elsewhere, Duncan Cock Foster issued a statement unveiling that the twins had agreed to work for Gemini for four years after the acquisition. Duncan expressed his regrets about leaving the troubled crypto exchange after having their best moments at Gemini.
He disclosed that after leaving the Winklevoss crypto exchange, the two will assess the five years journey of Nifty Gateway to develop new ideas for the venture yet to be launched. Besides the twins leaving Gemini, Duncan confessed to providing technical advice to the Nifty Gateway team.
Moreover, the Cock Foster brother appointed Eddie Ma as the technical manager and Tara Harris to chair the marketing and HR departments. Still, it is unclear when the twins will bid Gemini goodbye.