Nifty Gateway co-founders step down amid Gemini’s struggles

Nifty Gateway co-founders Duncan and Griffin Cock Foster have announced their intention to retire from the company. Although the exact timetable is not known, the brothers have stayed on for the four years originally 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 for the maximum amount of time we initially thought possible, which shows how great the experience was.“

While stating that the experience was incredible, Duncan noted that he and his brother were looking for a new challenge. “We want to create another company” he said. The brothers plan to take a sabbatical to reflect on the past five years at Nifty Gateway and to come up with new startup ideas while on leave.

Eddie Ma will take over as the new technical leader in their absence, while Tara Harris will become the non-technical leader. However, the Cock Forster twins plan to remain in a consulting 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 hailed the vision of the Winklevoss twins, who acquired the company when NFTs were not yet lucrative.

Gemini’s woes

The departure of Nifty Gateway’s co-founders comes a week after Gemini’s partner, Genesis Global Capital, filed for bankruptcy protection. Recall that in November, Gemini and Genesis partnered on the Genesis Earn program, which offered customers up to 7.4 percent interest on their crypto-currency holdings. Last November, both companies halted withdrawals, citing liquidity issues and market conditions.

Genesis and Gemini are also facing an SEC case after the SEC alleged that the two companies’ Gemini Earn program violated securities law.

As things stand, Gemini is seeking to recover about $900 million in assets owed to it by Genesis. The company has already set up a committee to recover the funds from the lender and its parent company.

Since Genesis announced its bankruptcy, Gemini has announced a 10 percent reduction in the number of employees. According to Griffin Cock Forster, some of Nifty Gateway’s staff has also been affected. “These choices are not easy; these are people we love and respect” said Griffin Cock.