Former Coinbase Exec Adam White Reportedly Joins Bakkt As Its COO
Adam White, former Vice President and general manager at cryptocurrency exchange Coinbase has reportedly joined Bakkt as its COO.
Adam White, former Vice President and general manager at cryptocurrency exchange Coinbase has reportedly joined Bakkt, the cryptocurrency company owned by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
White Joins Bakkt as COO
Sources close to the situation have revealed that Adam White has taken the role of the Chief Operating Officer of Bakkt. However, neither ICE nor White has confirmed the reports at this stage.
ICE recently decided to establish a cryptocurrency trading platform dubbed Bakkt which is expected to start operations next month. The platform has however been making top managerial appointments over the past few weeks.
They are recruiting collecting multiple hotshots from both the traditional and crypto industries, with Adam White the latest if the rumors turn out to be true.
Adam White is a popular name in the cryptocurrency space after spending years working with Coinbase and was the exchange’s fifth ever employee. Earlier this month, White announced that he is leaving Coinbase after working with them since 2013.
He played a crucial role in the development of institutional products at Coinbase and would most likely do the same thing at Bakkt while also taking on other responsibilities. His work also made it possible for Coinbase to expand beyond its previous level.
The platform offers assistance in brokering smart contracts and making trades. He also played a role in the hiring of Christine Sandler, who was the global head of sales at NYSE Euronext, and Eric Scro who served as the head of finance at NYSE.
Coinbase CEO Brian Armstrong while bidding farewell to White stated that he has been crucial in helping Coinbase become the largest U.S.-based crypto-trading venue.
He was also important in growing Coinbase’s global presence and scaling their culture to multiple offices
Bakkt reveals first crypto product as physical Bitcoin futures
Bakkt is a joint venture between ICE, and several firms such as Microsoft, BCG, and Starbucks. The exchange has been established to provide a market to list physically settled Bitcoin futures contracts.
Recently, ICE confirmed that Bakkt’s first offering will take the form of physical Bitcoin futures. They added that they will offer futures against three fiat currencies, which are the U.S. dollar, British pound sterling, and euro.
ICE gave an example, stating that buying one USD/BTC futures contract will lead to daily delivery of one Bitcoin into the customer’s account.
This announcement came after they confirmed in August that Bakkt would not offer margin trading or use leverage with Bitcoin. ICE stated that it doesn’t want to serve to create a paper claim on a real asset.
The cryptocurrency world is anticipating the launch of Bakkt platform which many believe would lead to the entry of institutional investors into the market.