GSR Markets a leading crypto market maker undergoes management restructuring
GSR Markets, a liquidity provider for digital assets, has announced a restructuring of its management team in anticipation of a crypto rally. The London-based firm, one of the oldest crypto market makers, aims to better serve its clients in different time zones as the crypto market booms once again.
As part of the restructuring, Jakob Palmstierna has been named president, transitioning from his previous role as CEO. The positions of CEO will now be shared by Rich Rosenblum and Xin Song. Rosenblum stated that the goal is to provide 24-hour coverage to clients worldwide.
The decision to restructure was also influenced by the recent approval of exchange-traded funds (ETFs), which has sparked increased interest in Bitcoin (BTC). GSR Markets is now anticipating the approval of similar funds for Ethereum (ETH). Rosenblum mentioned that the firm, founded in 2013, experienced a three-fold increase in revenue during the first half of this year compared to the same period last year. Additionally, GSR Markets has never sought outside capital.
To cater to more conservative clients interested in trading major cryptocurrencies, GSR Markets appointed ex-JPMorgan executive Andreas Koukorinis as its new head of trading earlier this year.
According to data, the total funding for cryptocurrencies has surpassed the $100 billion mark, highlighting the growing interest and investment in the sector.
