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Nifty Gateway Co-Founders Stepping Down, Departing Gemini Amid Troubles

Duncan and Griffin Cock Foster, twin brothers and co-founders of Gemini-owned NFT platform Nifty Gateway, are stepping down from their positions and leaving Gemini amid troubles at the company.

Gemini acquired Nifty Gateway in 2019 in its first-ever deal when NFTs were still a relatively new concept. The deal couldn't be more coincidental — the Cock Foster brothers are identical twins like Gemini co-founders Tyler and Cameron Winklevoss.

Their departure comes amid challenging times at Gemini. The crypto exchange operator halted client withdrawals for its Earn product in November as its lending partner, Genesis Global Capital, paused withdrawals due to severe liquidity issues. Last week, Genesis filed for bankruptcy protection, with Gemini being its biggest creditor. It owes more than $765 million to some 340,000 Gemini Earn customers.

The latest 10% job cuts at Gemini also affected some Nifty Gateway staff, a source with direct knowledge of the matter told The Block. Earlier this week, Griffin noted on Nifty Gateway's Discord channel that some company employees were let go due to challenging market conditions.

Related Readings:

Breaking: Gemini Exchange Axes 10% Staff, Is Bankruptcy Filing Next?

Tyler Winklevoss Calls SEC Lawsuit Against Gemini Politically Motivated

SEC Files “Totally Counterproductive” Charges Against Gemini and Genesis

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