GSR Markets, a liquidity provider for digital assets, has announced a restructuring of its management team in anticipation of a cryptocurrency rally. The London-based firm, one of the oldest crypto market makers, is making these changes to better serve its clients in different time zones during the current boom in the crypto market.
As part of the restructuring, Jakob Palmstierna has been appointed as the new president, replacing the CEO position. The roles of CEO will now be shared by Rich Rosenblum and Xin Song. Rosenblum stated that the aim of these changes is to provide 24-hour coverage for their customers worldwide.
The decision to restructure the management team was also influenced by the recent approval of exchange-traded funds (ETFs), which has generated increased interest in Bitcoin (BTC). GSR Markets is now anticipating the approval of similar funds that hold Ethereum (ETH). Rosenblum mentioned that the firm, founded in 2013, has seen a threefold increase in revenue in the first half of this year compared to the same period last year, and has never sought outside capital.
Earlier this year, GSR Markets appointed Andreas Koukorinis, a former executive at JPMorgan, as the head of trading. This move was made to cater to more conservative clients who are interested in trading major cryptocurrencies.
In related news, data shows that the total funding for the crypto industry has surpassed the $100 billion mark.