Crypto market maker GSR Markets restructures management

Liquidity provider for digital assets GSR Markets has announced management restructuring anticipating a crypto rally.

GSR Markets, one of the oldest crypto market makers, has announced a number of management changes as part of its efforts to “better serve clients located in different time zones with crypto booming again.”

According to a Bloomberg report, the London-headquartered firm named Jakob Palmstierna as its president from the position of CEO, which now will be shared by Rich Rosenblum and Xin Song. Commenting on the transition, Rosenblum said the firm wants to have “24-hour coverage” of its customers around the globe.

“We also want to be able to create projects in the future that our clients, two years from now, are going to be using. At this point it’s a hefty task. So having me physically be in the time zone in the U.S., it’s easier for me to talk to some of those stakeholders.”

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 now anticipates the approval of similar funds holding Ethereum (ETH). Rosenblum noted that the firm, 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 appointed ex-JPMorgan executive Andreas Koukorinis as its new head of trading to cater to more conservative clients interested in trading major cryptocurrencies.