Markets
Crypto market maker GSR Markets restructures management
Liquidity provider for digital assets GSR Markets announced a management restructuring in anticipation of a crypto rally.
GSR Marketsone of the oldest crypto market makers, has announced a series of management changes as part of its efforts to “better serve customers located in different time zones as crypto grows again.”
According to a Bloomberg report, the London-based company has named Jakob Palmstierna as its chairman in the role of CEO, which will now be shared by Rich Rosenblum and Xin Song. Commenting on the transition, Rosenblum said the company wants to have “24-hour coverage” for its customers around the world.
“We also want to be able to create designs in the future that our customers will be using two years from now. At this point, it’s a tall order. So being physically in the U.S. time zone makes it easier for me to talk to some of those stakeholders.”
Rico Rosenblum
The restructuring decision was also influenced by the recent approval of exchange-traded funds (ETFs), which has increased interest in Bitcoin (BTC). GSR Markets now anticipates approving similar funds holding Ethereum (ETH). Rosenblum noted that the company, founded in 2013, tripled its revenue in the first half of the year compared to the same period last year and has never raised outside capital.
In early 2024, GSR Markets named former JPMorgan executive Andreas Koukorinis as its new head of trading to serve more conservative clients interested in trading major cryptocurrencies.