Senior Official Quits Coinbase To Join Bakkt
He will serve in the position of COO.
Adam White Calls It A Day At Coinbase
Adam White a former senior staff member at the US-based exchnage Coinbase, has joined ICE to be a part of the upcoming Bakkt platform. According to media reports, White will be joining the institution in the capacity of Chief Operating Officer starting next month.
Since last week, rumors have been circulating that White was set to join the ICE family. White has been an employee of Coinbase for the past five years. He was the fifth person to be employed by the founders. During that period, Bitcoin was still valued at around $200. He has played a crucial role in Coinbase’s current market popularity.
White addressed another media outlet where he spoke about his decision to quit Coinbase. According to White, the launch of Bakkt will play a major role in bringing institutional investors on board. For a long time, many crypto lovers have been waiting for institutional investors to join the industry. Such a move has been viewed as a major step towards mainstream adoption of cryptocurrencies.
He pointed out that institutional investors have shown interest but the current structures are not reliable. White said that the shift has been witnessed since 2017 and investors need assurances that all systems are sufficiently efficient.
White said he thinks that banks have been keenly following developments in the digital currency sector. He opines that banks are keen for the period when cryptos will match traditional securities standards such as bonds. According to White, this is the main reason he opted for the move to Bakkt.
He also addressed the current bear market that has been on its knees. In his opinion, the market should be concerned with a rise in the number of daily payments every year. He added that what matters is the emergence of fresh protocols for open software apps.
At the moment, ICE runs 23 trading platforms across the globe. The New York Stock Exchange is among the most notable of ICE's holdings. Recently, it announced plans to unveil Bakkt which will act as a global system for cryptos.
Bakkt has promised to issue a physical bitcoin contract. This feature is among the most potentially well received by crypto lovers. At the moment, it is awaiting approval from the SEC.