Adam White, the president and founder of Bakkt, a digital asset company, has announced that he will be exiting his position after holding it for three years. He noted that he would leave Bakkt next week.
During his tenure at the company, White served as both the president of the platform and the chief operating officer.
Adam white leaves Bakkt
White confirmed his departure from the company through a Twitter post on Thursday. Before joining Bakkt in 2018, White worked at Coinbase as the general manager and a vice president.
The executive did not reveal what he would be doing after leaving his position at Bakkt. Moreover, he did not indicate whether he would continue working in the digital assets sector.
The Twitter post stated, “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.”
Growth of Bakkt
Bakkt is one of the leading players in the crypto space. Bakkt was founded in 2018 by the Intercontinental Exchange (ICE). However, despite launching three years ago, the exchange has failed to achieve steady growth, and it is yet to attract a large customer base.
This company claimed that it would boost the institutional adoption of cryptocurrencies during its inception. However, it later changed towards applications in the retail sector, and it even launched institutional Bitcoin futures contracts.
Over the years, the Bakkt exchange has seen a regular change in its management. The company has employed several CEOs in just a short time, including Mike Blandina from PayPal, David Clifton, an ICE executive and Kelly Loeffler, a US Senator.
One of the major developments that this company saw was in October. At the time, the company announced that it was going public, which was enabled through a merger with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC). At the launch time, the company’s shares under the ticker BKKT traded at the New York Stock Exchange (NYSE) for $9.45, before making a major upswing to trade at $30 after a month.