Duncan Cock Foster and Griffin Cock Foster, who were both co-founders of the nonfungible token (NFT) auction platform Nifty Gateway, announced their resignations in a thread that was posted on Twitter on January 25. Their departure is effective immediately.
In an attempt to justify their departure, Duncan said that “Griffin and I are entrepreneurs at heart, and we want to create another firm.” “When @Gemini purchased NG in 2019, Griffin and I agreed that if everything went well and we were happy in our new roles, we would each remain for a total of four years before launching a new venture.
The fact that we ended up staying the maximum length of time that we had anticipated being feasible is evidence of how enjoyable this trip was.”
This decision was made in the midst of a legal dispute between Gemini, the parent company of Nifty Gateway, and Genesis Global, a cryptocurrency lender that has since gone bankrupt.
After Genesis Global put a stop to withdrawals in November 2020 due to “extraordinary market circumstances,” Gemini claims that Genesis Global owes its members $900 million as part of the Gemini Earn programme that Gemini offers. Gemini is suing Genesis Global.
I have some news to share: after nearly four years, my colleague @gcockfoster and I have decided to leave @gemini and transfer the torch to @niftygateway.
This trip has been an amazing adventure, but Griffin and I are entrepreneurs at heart, and we want to launch another successful business together.
Duncan said that in spite of the challenging financial situations at the parent firm, they have been “preparing for this transition for months” and that Nifty Gateway “is in excellent hands.”
In his writing, “Cameron and his brother Tyler Winklevoss are visionaries who saw the potential in NFTs a significant amount of time before nearly anybody else. Nifty Gateway will continue to flourish because of the leadership provided by them.“
As part of the shift, Eddie Ma will take over as “technical leader” for Nifty Gateway, while Tara Harris will move into the role of “leader” for non-tech operations. “It is common knowledge that transitions may bring about an increased sense of unpredictability about the future.
To that aim, in the weeks ahead, we will provide the general public with a road map and a strategy for the development of Nifty’s future.
In order to guarantee the smooth continuation of the mission after our departure, we want to maintain a connection to it in the capacity of advisors.”