Crypto market maker GSR Markets restructures management

GSR Markets, a liquidity provider for digital assets, announced a management restructuring, anticipating a rise in crypto.

GSR Markets, one of the oldest crypto market makers, has announced a series of management changes as part of its efforts to “better serve clients in different time zones as cryptocurrency rebounds.”

According to Bloomberg, the London-based company has chosen Jakob Palmstierna from the CEO position as president, and this position will now be shared by Rich Rosenblum and Xin Song. Commenting on the transition, Rosenblum said the firm wanted to provide “24-hour coverage” to its customers worldwide.

“We also want to be able to create projects that our customers will use two years from now. That’s a tall order at this point. So it’s easier for me to talk to some of these stakeholders because I’m physically in the U.S. time zone.”

Rich 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 is now awaiting approval of similar funds holding Ethereum (ETH). Rosenblum noted that the company, which was founded in 2013, tripled its revenue in the first half of the year compared to the same period last year and never provided external capital.

In early 2024, GSR Markets appointed former JPMorgan executive Andreas Koukorinis as its new head of trading to appeal to more conservative clients interested in trading major cryptocurrencies.