High-ranked official from Coinbase, Adam White, joins Bakkt as the platform’s Chief Operating Officer starting November.
Changing Sides
Live Bitcoin News reported earlier this month that Adam White, Head of Coinbase’s Institutional Platform Group, was leaving the organization. The largest US-based cryptocurrency exchange has replaced him with Jonathan Kellner – former CEO of institutional brokerage firm Instinet.
In an official Medium announcement dated October 15, Kelly Loeffler, CEO of Bakkt, welcomed White to the platform, outlining that he will serve as its Chief Operating Officer starting November.
Loeffler describes White as an “excellent fit” and a “visionary”, noting:
…He’s also an excellent fit with our culture of collaboration, problem solving, integrity and leadership. As a visionary and a strong operator, Adam is a much-anticipated addition to our busy team.
Interest Shifting From Retail to Institutional
Bakkt, in theory, solves a lot of the issues that accredited institutional investors are supposedly facing. According to Loeffler, the platform will reduce the risk of investing in Bitcoin by prefunding all of the trades. Furthermore, the platform will provide a fully funded separate guaranty fund for Bitcoin which will eliminate the risk of a default.
White, who was the former head of Coinbase’s institutional platform, noted:
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. The big banks needed exchanges that provided the safety equivalent to what they enjoyed in trading equities, bonds or gold. That’s why I joined Bakkt.
It’s also worth noting that Bakkt aims to bring forward Bitcoin trading and warehousing solutions in December which are subjected to approval by the CFTC, adding yet another layer of credibility and trust.
What do you think of Adam White joining Bakkt? Don’t hesitate to let us know in the comments below!
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