GSR announced New Co-CEO Structure Amid Changing Landscape

GSR, the global cryptocurrency trading firm and liquidity provider, announced that Rich Rosenblum and Xin Song have been appointed as Co-Chief Executive Officers (CEOs), effective July 1st, 2024. Jakob Palmstierna, who has served as CEO for two and a half years, will transition to the role of President.

In their new roles, Rosenblum and Song will guide the firm toward continued growth as the leading global provider of digital asset trading and risk management solutions. Rosenblum, who co-founded the company alongside Cristian Gil, brings over two decades of experience in trading, including his tenure at Goldman Sachs. His expertise in helping corporates navigate volatile markets has been instrumental in shaping GSR’s client-focused ethos over the last decade.

Song, who joined GSR in 2019, has rapidly ascended through the ranks, demonstrating exceptional execution skills. He spearheaded the opening of GSR’s Singapore office and built the company’s Asia franchise, securing GSR’s position as the only market maker licensed to operate under Singapore’s Monetary Authority of Singapore (MAS). Song’s diverse background in both startups, including running his own crypto hedge fund, and large corporations such as BlackRock, coupled with his recent role as COO, makes him an ideal counterpart to Rosenblum.

“These changes are a natural next step in GSR’s evolution,” said Cristian Gil, Chairman and Co-Founder, GSR. “The industry is at an inflection point and we must remain agile and innovative in how we serve our clients today while also proactively positioning ourselves for the future.”

In his new role as President, Palmstierna will be leading GSR’s client franchise, which recently expanded with the creation of a Partnerships and dedicated Client Services team. During his tenure as CEO, Palmstierna successfully navigated GSR through the tumultuous 2022-23 bear market, not only safeguarding the firm but also solidifying its reputation and leadership position in the industry. Under his guidance, GSR expanded its client base and maintained profitability despite market headwinds.

“I look forward to working alongside Rich and Xin,” said Palmstierna. “Their deep understanding of the digital asset space and complementary strengths uniquely position them to lead our efforts as the industry evolves and matures. With the US market opening up and the competitive landscape intensifying, their balanced leadership will be crucial in accelerating our ability to ideate new business ideas and execute them effectively.”

“Xin and I are thrilled about the potential of our partnership,” said Rosenblum. “We’re creating a powerful synergy by combining my creative perspective with his strategic, analytical approach. This blend of innovation and calculated decision-making not only enhances our client service but also reinforces the cornerstone of our mission: to deliver cutting-edge solutions tailored to our clients’ evolving needs.”

“Our exceptional team is the backbone of GSR’s success,” said Song. “We’re proud of our ability to straddle traditional finance and crypto, as well as cultures across the globe to better understand and serve our clients. In the coming year, we’ll be rolling out the next generation of our trading platform, expanding capabilities to further cement our position as a trusted co-creator for the industry.”

The leadership transition reflects GSR’s commitment to ensuring strong, sustainable leadership and positioning the company for continued success. This new structure is particularly notable in the US, where political winds are shifting and the stance towards crypto is evolving positively. The company remains dedicated to delivering exceptional value to its customers and partners.

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