GSR names co-CEOs as Jakob Palmstierna becomes company president

GSR, one of the largest market makers in the cryptocurrency sector, has announced that Rich Rosenblum and Xin Song will be stepping up to become co-CEOs of the company. This move will see Jakob Palmstierna transition from his current position as CEO to president.

According to a press release from GSR, the new co-CEO structure aligns with the firm’s commitment to "calculated creativity."

Rosenblum, who co-founded the company alongside Cristian Gil, has over two decades of trading experience, including a tenure at Goldman Sachs. "The industry is founded on decentralization and has significant focal points in both the East and West," he told The Block. "Managing a dynamic global business with a strong human component is challenging. We believe our dual leadership model is the optimal way to enhance both collaboration and autonomy."

Song joined GSR in 2019 and spearheaded the opening of GSR's Singapore office, securing the firm's position as the only market maker licensed to operate under Singapore's Monetary Authority of  Singapore. Song has a background running his own crypto hedge fund and has worked for large corporations such as BlackRock. "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," Song said.

In his new role as GSR president, Palmstierna will lead GSR’s client franchise, which recently expanded by creating a Partnerships and Client Services team. "I look forward to working alongside Rich and Xin, their deep understanding of the digital  asset space and complementary strengths uniquely position them to lead our efforts as the industry evolves and matures," he said. "With the U.S. 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."

According to GSR Chairman Cristian Gil, these changes are a natural next step in GSR’s evolution as it positions itself for rapid changes in the cryptocurrency sector. "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," Gil said.