In a Twitter thread posted on Jan. 25, Duncan Cock Foster and Griffin Cock Foster, co-founders of nonfungible token (NFT) public sale platform Nifty Gateway, introduced their resignations efficient instantly. In supporting the choice, Duncan mentioned they had been leaving as a result of “Griffin and I are founders at coronary heart, and we wish to begin one other firm.”
“When @Gemini acquired NG in 2019, Griffin and I mentioned if all the pieces went superb and we cherished it, we might keep for 4 years earlier than beginning one other firm. We ended up staying the max period of time we initially thought doable, which exhibits how nice this expertise was!”
The transfer comes amid a authorized battle between Nifty Gateway’s dad or mum firm, Gemini, and bankrupt cryptocurrency lender Genesis World. Gemini alleges that the latter owes its customers $900 million as a part of its Gemini Earn program after Genesis World halted withdrawals resulting from “unprecedented market circumstances” in November 2020.
Some information — after nearly 4 years, @gcockfoster and I are departing @gemini and are passing the baton at @niftygateway.
This journey has been an unbelievable journey, however Griffin and I are founders at coronary heart and we wish to begin one other firm.
w/ some ideas under:
— duncancockfoster.eth | Nifty Gateway (@dccockfoster) January 25, 2023
Nifty Gateway was based in 2018 and purchased by Gemini in 2019. Regardless of robust enterprise circumstances on the dad or mum firm, Duncan mentioned they’ve been “getting ready for this transition for months” and that Nifty Gateway “is in good arms.” He wrote, “Cameron [Winklevoss] and Tyler Winklevoss are visionaries who noticed the potential in NFTs properly earlier than nearly anybody else. Beneath their management, Nifty Gateway will proceed to thrive.” As a part of the transition, Eddie Ma will take over as “technical chief” for Nifty Gateway, whereas Tara Harris will step in as “chief” for non-tech.
“We all know that transitions can create uncertainty across the future. To that finish, within the coming weeks, we’ll publicly define a roadmap and a plan for the way forward for Nifty. After we depart we’ll keep related to the mission in an advisory position to make sure continuity.”