The head of Coinbase’s institutional arm, Adam White, is joining Bakkt as its COO. Bakkt is a joint venture between the owners of the NYSE and several firms such as Microsoft, BCG and Starbucks.
White joined Coinbase in 2013 and was responsible for services catering for institutional investors. He initiated Coinbase’s expansion to serve as Wall Street’s prime broker and serve its trading needs. Coinbase CEO Brian Armstrong stated: «Over the past five years, Adam helped us build our exchange business into the largest U.S.-based crypto-trading venue, and was integral to growing Coinbase’s global presence and scaling our culture to multiple offices».
Bakkt is expected to launch in November. Its goal is to facilitate mainstream adoption of cryptocurrencies as financial assets; it is also creating a market for listing physically-settled Bitcoin futures contracts.