Crypto Market Maker GSR Taps Rich Rosenblum, Xin Song As New CEOs

Trading firm and liquidity provider GSR’s Rich Rosenblum and Xin Song are slated to become the company’s co-CEOs as current CEO Jakob Palmstierna transitions to the role of president, the crypto market maker announced in a Wednesday press release.

GSR’s Rich Rosenblum, Xin Song Transition Roles With Jakob Palmstierna

According to the June 26 announcement, the corporate changes are “a natural next step in GSR’s evolution” and will become effective on July 1 of this year.

“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,” Co-founder and Chairman of GSR Cristian Gil said.

Today, we are thrilled to announce the appointment of @RichR_GSR and @xinsong86 as Co-CEOs of GSR. This marks a critical next step in GSR’s evolution as we intensify our global client focus. We are very excited for this next chapter in GSR’s journey. https://t.co/EmdGOJmVn3

— GSR (@GSR_io) June 26, 2024

After serving as CEO for nearly three years, Palmstierna will now head GSR’s client franchise, including its new partnerships and client services team.

“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.”

GSR Leadership Change Comes After Executive Departures Last Year

Rosenblum, who co-founded the crypto company alongside former fellow Goldman Sachs executive Gil in 2013, has over two decades of trading experience under his belt.

According to a recent interview with Bloomberg, Rosenblum said GSR’s latest restructuring was partly due to allowing the crypto company greater international leadership coverage amid a rebounding crypto market.

Song, meanwhile, joined the firm in only 2019 and led the recent opening of GSR’s Singaporean office. He previously worked in traditional finance for over ten years before launching his own crypto hedge fund.

“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,” Song said. “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 digital asset liquidity provider, who reportedly employs hundreds of individuals worldwide, has suffered a series of corporate setbacks in recent years.

Many of the firm’s executives reportedly left the company in late 2022 and 2023, including its former Chief Financial Officer Jonathan Hugh, Director of Trading Operations Alan Ball, and Global Head of Product Benoit Bosc.

In October 2022, the crypto market maker laid off less than 10% of its staff before the executives left.