Bakkt President Adam White Announces His Departure


Adam White, the president of cryptocurrency agency Bakkt, is leaving the corporate he helped construct from scratch as a founding government.

White spent the final three years at Bakkt, an organization that launched in 2018 with the bold goal of creating institutional crypto adoption a actuality earlier than pivoting to a set of extra retail-focused merchandise.

Prior to his time with Bakkt, White was VP and common supervisor for 5 years at cryptocurrency change Coinbase.

“After a great 3+ years at bakkt, next week will be my last,” White said in a tweet on Thursday. “I’ve loved working at [the] intersection of crypto + markets and good to see the industry finding the balance between innovation & regulation. Lots of work still to do here but never been more optimistic about the future.”

White didn’t reveal what alternatives he can be exploring subsequent.

Bakkt went public in October of this 12 months following a merger with particular objective acquisition firm VPC Impact Acquisition Holdings, and commenced buying and selling on the New York Stock Exchange beneath the ticker image “BKKT.”

Shares in Bakkt spiked across the finish of October at above $40, however have since dropped sharply and have been buying and selling at $9.10 on the time of writing.

According to an electronic mail despatched to Bakkt employees this week that was seen by CoinDesk, White’s “deep expertise in crypto and a commitment to execution and innovation will be sorely missed.”

“We’re fortunate to have a deep bench of leaders that are well positioned to help Bakkt achieve its vision of connecting the digital economy,” Bakkt CEO Gavin Michael wrote within the electronic mail.

Bakkt, which got here charging out the gate with the burden of NYSE-owner Intercontinental Exchange behind it, has struggled to stay as much as the lofty expectations positioned upon it through the crypto bear market during which it was born.

The firm launched with Kelly Loeffler on the helm as CEO earlier than she left the agency in late-2019 to turn out to be a U.S. Senator from the state of Georgia. She misplaced her reelection bid within the 2020 cycle.