by A report released on October 12 revealed Cameron Winklevoss ceded his position at Gemini Europe. Cameron was a co-founder and a Director at Gemini preceding his resignation. He held the position for eight years after building the company.
Cameron Abdicates His Director’s Position At Gemini
Gemini Europe is an offshoot of the Gemini cryptocurrency exchange. The latter is based in New York. It offers crypto services to 29 countries within Europe.
Cameron Winklevoss and his twin brother Tyler both established Gemini in 2014. According to CoinGecko, the company is the 10th largest bourse worldwide.
The two brothers came to the limelight in the media sector through their involvement in Facebook. Then, they sued the social media giant for ignoring their role in its success. As per the lawsuit, they had requested millions of dollars in compensation for their parts.
Further, these brothers are known for their persistent bullishness on Bitcoin. Whenever they speak at an event, they never hold back from communicating it.
Gemini is yet to address the situation nor release any information regarding why. Although, the Decrypt news organization has reached out to the company.
Besides Cameron, other board members have also recently left the company’s executive position. The organization is presently seeing an alteration in its leadership.
Blair Halliday served as managing director for two years on Gemini’s executive board. Earlier this month, he moved to Kraken to hold the same position.
Despite people leaving the company, new appointees have joined its ship. The firm recruited a new director in place of Cameron shortly after his resignation.
Gemini Gets A New Director
On October 7, Gemini Europe appointed Gillian Lynch as the new Managing Director. That followed its establishment in Ireland a week earlier. In 2020, the firm became the first exchange to obtain an Electronic Money License in Ireland.
Consequently, companies like Meta, Stripe, Coinbase, and square got the license.
Gillian first joined Gemini in April 2021. The Irish director brought nearly two decades’ worth of portfolio to the company. He served at the Bank of Ireland for eleven years.
Then, he switched to Leveris, a bank service provider, where he spent three years.
Meanwhile, it is obscure if Cameron exiting Gemini had anything to do with the Irish move. However, the firm mentioned that its entry into Ireland is the latest strategy in Europe domination. But there was no opposition from Winklevoss regarding the expansion.
Gemini’s leading members are not the only staff leaving the company. The company released a notice in June to dismiss almost 10 percent of its teams. According to the memo, it was due to the ongoing bearish market situation at the time.
It further noted that the situation would probably continue for a while. The crypto winter drove several crypto exchanges to cut their workforce. It led to unemployment within the space around the time.
Coinbase took on the same initiative by laying off many of its workers. The firm also attributed the move to the underlying downturn market state.
