The Coinbase veteran, Adam White, is leaving the San Francisco-based company to join Bakkt. The information was released a few days ago by Kelly Loeffler, CEO of Bakkt. White will be working as Chief Operating Officer (COO) starting in November.
Adam White Joins Bakkt
The cryptocurrency market is moving towards new platforms for institutional investors. And one of the most awaited ones is the so-called Bakkt. The Intercontinental Exchange’s (ICE) platform is now attracting new professionals from other crypto companies. Adam White will be working as Bakkt’s COO starting in November.
Loeffler said that they want to build a talented team since it wants to transform the crypto market. Adam White talked with Forbes about why he decided to move from Coinbase to Bakkt. He explained that the level of infrastructure for institutions did not meet the market’s demand.
About it, he mentioned:
“In 2017, I saw a big shift. The interest in Bitcoin and other currencies started changing from retail to the institutional side. But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines. That’s why I joined Bakkt.”
Back on October 4, Coinbase already knew that Adam White was going to leave the company. Some reports said that Coinbase was also searching for a permanent culture change.
Coinbase is one of the largest cryptocurrency platforms and exchanges in the market. Since the beginning of the year, thousands of new users and investors registered in the platform. However, new platforms such as Bakkt are promising to revolutionize the institutional crypto environment.
There are other companies such as Goldman Sachs that are working in order to fulfill the institutional demand for virtual currencies. During 2017, the market received an important influx from retail investors. Nonetheless, institutions started to request crypto-related services.
In the official medium post released by Loeffler, she said that Bakkt’s patent-pending market model is focused on mitigating risk and create opportunities for institutions. This would allow these firms to serve clients in a regulated environment specifically designed for digital assets.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.