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- In order to establish Bakkt, Adam White left Coinbase. Bakkt is currently battling lately to find strategic direction.
- Bakkt is a custody facility that keeps Bitcoin in a safe form called cold storage.
- Kelly Loeffler, ICE CEO’s better half, was appointed as the very first CEO of Bakkt instead of Adam White.
Adam White Leaves Bakkt
President and founder of Bakkt, a virtual asset platform announces that he is leaving the organization. Adam White announced this on his twitter handle. Bakkt’s president announced the departure when the organization was going through uncertainty. Bakkt is a subsidiary of Intercontinental Exchange aka ICE, owner of New York Stock Exchange.
Adam White is a former Air Force veteran and established his name as one of the initial Coinbase employees, and didn’t reveal the reason for leaving Bakkt, neither did he say what are plans for his future, just stated that he is “optimistic about the future.”
A statement was issued by Bakkt stating, “We thank Adam for his leadership and contributions to Bakkt. He helped shape the early strategy for the company and is a strong advocate for our work.”
Bakkt didn’t replied to the statement quickly but tweeted later, “After a great 3+ years at Bakkt, next week will be my last.” He added“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.”
Bakkt’s Accomplishments with Adam
Bakkt is a custody facility keeping Bitcoin in a safe form, called cold storage. Bakkt is a custodial facility that keeps Bitcoin in a secure, cold storage setting. Because it was created by the New York Stock Exchange (NYSE). Bakkt was unveiled in August of last year, but it didn’t go live until September of this year. Bakkt drives commerce by helping people, organizations, and institutions to extract value from virtual currencies. It has above 500,000 early-access participants, 250 trade associates, and approximately 100 institutional customers.
From the outset, Adam White was a part of Bakkt’s debut. The firm has accomplished a lot under his leadership. White’s responsibilities included overseeing Bakkt’s strategic vision as well as digital assets marketplaces, custody, and trading. His expertise in the crypto markets provided him with a unique viewpoint that aided in the development of the service. In 2019, the firm established an indirect agreement with Starbucks, allowing consumers to recharge their Starbucks Cards and buy coffee using Bitcoin. It was the first of many such initiatives. Bakkt now works with more than 30 loyalty programme sponsors and 200 reward card retailers.
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Bakkt, which is led by Adam White, is the second digital asset company to be registered on the stock market. Bakkt also decided to go public in October after merging with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC). The ticker sign “BKKT” is now used on the New York Stock Exchange.
The firm is now going through some difficult circumstances. Its share price was $10.00 at Thursday’s closing, dropping from an all-time peak of $42.52 on October 29, when it first began trading on the New York Stock Exchange.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
