Adam White Takes the Helm as COO at Bakkt: A Shift from Coinbase

From Coinbase to Bakkt: A New Chapter

In a move that’s raising eyebrows in the crypto community, former Coinbase executive Adam White has reportedly joined Bakkt, the cryptocurrency trading platform backed by the Intercontinental Exchange (ICE). Reported first by anonymous sources and echoed by news outlet The Block on October 12, this transition marks a significant milestone for both White and Bakkt.

The Departure from Coinbase

White’s exit from Coinbase, where he played a pivotal role as head of institutional products, was announced just weeks ago. Sources at Coinbase conveyed their sentiments, stating they were “extremely sad to see him go,” a sentiment that suggests his contributions were valued immensely. Not one to linger on past chapters, White has stepped into the role of Chief Operating Officer at Bakkt, a move that has insiders buzzing.

History in a Bite-sized Capsule

Let’s take a quick stroll down memory lane. White joined Coinbase nearly five years ago, just as Bitcoin was gaining traction and priced at about $200. Back then, the team was operating out of a cramped one-bedroom apartment. Fast forward to now, and White’s expertise has contributed to Coinbase’s growth, particularly in catering to institutional clients with offerings such as custodian services and index funds.

What is Bakkt?

For those still trying to catch up, Bakkt was conceptualized in August 2018 and is the brainchild of the Intercontinental Exchange, the home of the New York Stock Exchange. Its development has involved partnerships with tech giants like Microsoft and popular coffee chain Starbucks, setting high expectations in the realm of cryptocurrency trading platforms.

The Ripple Effect in the Crypto Space

White’s move is not happening in isolation. Coinbase has been on a hiring spree, bolstering its ranks with high-profile figures from established financial institutions. Recently, they’ve welcomed industry veterans like Chris Dodds from Charles Schwab and Fannie Mae’s former General Counsel, Brian Brooks. Moreover, Tim Wagner, formerly of Amazon Web Services and Microsoft, has also taken up a vice president role, emphasizing Coinbase’s ambition to cement its status in the crypto landscape.

The Future Looks Bright

With seasoned professionals like White at the helm of Bakkt, the platform is poised for exciting developments. As the crypto industry continues to evolve, the participation of heavyweights from traditional finance suggests a bridge being built between established banking and the emerging world of cryptocurrency.

As this saga unfolds, one thing is for sure: the crypto arena never sleeps, and neither do its players.