- Former Deltec International CFO Dan Chen has joined Gemini as Chief Financial Officer as the company reportedly prepares for a potential IPO.
- Chen’s past connections include Deltec Bank, which allegedly provided credit to Alameda Research and banking services to Tether and FTX.
- This move comes as Gemini moves forward after the SEC recently dropped an investigation into the company, potentially clearing obstacles for its public offering.
Gemini has appointed Dan Chen, the former Chief Financial Officer of Deltec International, as its new CFO, strengthening its executive team as the cryptocurrency exchange reportedly prepares for a potential public offering that could happen this year.
Chen announced his appointment via Twitter on March 17, stating: “I’m thrilled to announce that I’ve joined @Gemini as its Chief Financial Officer. I will be working alongside @cameron and @tyler and the incredible team at Gemini to unlock the next era of personal, financial, and creative freedom.”
His previous position at Deltec International, the parent company of Deltec Bank, links him to an organization that allegedly extended billions in credit to Alameda Research. The Bahamas-based bank also provided banking services to Tether, FTX, and Alameda Research during their operations.
Before joining the Winklevoss twins’ exchange, Chen served as vice president of capital markets and bank partnerships at Affirm. His professional background also includes positions at Cross River Bank, Morgan Stanley, and Goldman Sachs, according to his LinkedIn profile.
Chen currently maintains a seat on the board of directors for Relm Insurance, a Deltec International-affiliated firm that provided insurance coverage to FTX US, FTX Australia, and other companies affected by the FTX-Alameda collapse.
The appointment comes at a significant time for Gemini, which is reportedly working toward a public offering potentially as early as this year. The company is reportedly collaborating with Goldman Sachs and Citigroup to facilitate the offering.
This isn’t the first connection between Gemini executives and Deltec. Noah Perlman, a former Gemini executive now with Binance, served on the board of Farmington State Bank (also known as Moonstone Bank), which received funding from Alameda Research and held FTX deposits.
The web of connections extends further, with Farmington State Bank’s chief digital officer being Janvier Chalopin, son of Jean Chalopin who chaired Deltec. Jean Chalopin also sat on Farmington’s board and governed FBH Corp, the entity that acquired the bank in 2020.
Gemini’s path toward a potential public offering has apparently become clearer after the Securities and Exchange Commission recently dropped an investigation into the company, according to co-founder Cameron Winklevoss.
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