News

Nifty Gateway Founders resign amid Gemini Troubles

Published

1 year ago

January 26, 2023

Co-founders of the non-fungible token (NFT) auction platform Nifty Gateway have announced their resignation effective immediately. The announcement was made on Wednesday, January 25th

In the announcement, which was made via Twitter, and in support of the decision, Duncan said he and his co-founder Griffin were “co-founders at heart” and wanted to start another company

Some news — after almost 4 years, @gcockfoster and I are departing @gemini and are passing the baton at @niftygateway.

This journey has been an incredible ride, but Griffin and I are founders at heart and we want to start another company.

🧵 w/ some thoughts below:

— duncancockfoster.eth | Nifty Gateway (@dccockfoster) January 25, 2023

“When Gemini acquired NG in 2019,” said Duncan, “Griffin and I said if everything went amazing and we loved it, we would stay for 4 years before starting another company. We ended up staying the max amount of time we originally thought possible, which shows how great this experience was!”

The move comes in the middle of a Legal battle between Nifty Gateway#s parent Company Gemini, and bankrupt cryptocurrency lender Genesis Global, in which Gemini alleges that the latter owes its users $900 million as part of its Gemini Earn program after Genesis Global halted withdrawals due to “unprecedented market conditions” in November 2020.

Founded in 2018, and acquired by Gemini in 2019, Nifty Gateway co-founder Duncan said they had been preparing for the transition for months, despite challenges facing its parent company Gemini. He also said that Nifty Gateway was “in good hands”.

Speaking about the two individuals who would take over the leadership of Nifty Gateway, he wrote, “Cameron [Winklevoss] and Tyler Winklevoss are visionaries who saw the potential in NFTs well before almost anyone else. Under their leadership, Nifty Gateway will continue to thrive.”

“We know that transitions can create uncertainty around the future,” said Duncan in the announcement, “To that end, in the coming weeks, we will publicly outline a roadmap and a plan for the future of Nifty. After we depart we will stay connected to the mission in an advisory role to ensure continuity.”