President of Bakkt, Adam White, has announced his retirement from the digital asset marketplace, Bakkt.
The now-former president remained tight-lipped about his next step or whether he would stay in the cryptocurrency sector.
After 3 years as president and founder of digital asset company Bakkt, Adam White is stepping down.
White announced his retirement from Bakkt, where he has worked as both chief operating officer and president, in a tweet on Thursday. After leaving Coinbase as a vice president and general manager in 2018, White joined Bakkt. The Bakkt president remained tight-lipped about his next step or whether he will stay in the crypto business.
“I’ve enjoyed working at the crossroads of crypto and markets, and it’s encouraging to see the industry strike a balance between innovation and regulation,” White said. “There’s still a lot of work to be done here, but I’ve never been more enthusiastic about the future.”
Bakkt, which was launched in 2018 by the Intercontinental Exchange, or ICE, appears to have taken longer to take off than many in the field anticipated. Before pivoting to retail-focused apps and institutional-facing Bitcoin (BTC) futures contracts, the platform aimed at institutional adoption of crypto. Furthermore, the company’s leadership has shifted frequently, with CEOs including PayPal veteran Mike Blandina, former U.S. Senator Kelly Loeffler, and ICE executive David Clifton.
Bakkt went public in October after a merger with VPC Impact Acquisition Holdings, a special purpose acquisition firm. At the time of introduction, shares of BKKT traded on the New York Stock Exchange for $9.45, but by the end of the month, they had risen to more than $30. BKKT shares were trading at $9.06 at the time of writing.