- Bakkt aims to provide a ready crypto marketplace to institutional investors.
- Adam White has had a long history with Coinbase, working there since 2013.
- Bakkt is expected to launch in November 2018.
Former head of institutional products at crypto exchange platform Coinbase, Adam White has joined the Intercontinental Exchange’s (ICE) digital currencies platform Bakkt as its chief operating officer, per the company’s announcement on October 15, 2018.
One of the Oldest Employees of Coinbase Joins Bakkt as COO
According to a Medium post by Bakkt CEO, Kelly Loeffler, Adam White has taken the opportunity of being the Chief Operating Officer of the upcoming crypto behemoth. The Intercontinental Exchange, which also operates the NYSE, introduced Bakkt in August 2018.
The gargantuan crypto platform is being developed in association with corporate giants including Microsoft and Starbucks.
Adam White had joined Coinbase in the year 2013 when the price of Bitcoin was hovering around the $200 mark. He propelled the crypto exchange into amassing 25 million customers it serves today.
With regard to switching to Bakkt from Coinbase, Adam said:
“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.”
Rise of Bakkt and its Big Leap
In August, the Intercontinental Exchange, the operator of the New York Stock Exchange (NYSE), surprised the market with its announcement of the crypto trading platform Bakkt.
Bakkt is a joint venture between the ICE and different firms like Microsoft and Starbucks.
The platform aims to bridge the gap between the crypto world and interested institutional parties by providing a marketplace to list physically settled Bitcoin Futures Contracts. ICE mentioned previously that they are planning to offer Futures against 3 currencies – US Dollar, British Pound and Euro.
This move is a statement of intent from the ICE which intends to transform cryptocurrencies into digital tokens that are more liquid and can be traded on regulated exchanges globally. Up until now, cryptocurrency trading has been primarily dominated by exchanges that focus primarily on retail investors.
The launch of Bakkt is expected encourage hesitant institutional traders to foray into the crypto world. The platform has an edge over popular exchanges like Coinbase, as it promises trading on a federally regulated exchange, as well as clearing and custody services for cryptos with safeguard mechanisms similar to what are applicable on physical stock exchanges.
While no official date has been revealed yet, Bakkt is expected to launch in the month of November.