Coinbase’s institutional platform head Adam White is leaving the company, Bloomberg has reported.
White, who is the US crypto exchange’s fifth employee, has been part of Coinbase since 2013, when he joined as vice president, business development & product management. He has been leading the company’s institutional platform group since 2016.
Coinbase’s chief executive officer Brian Armstrong praised Whit for his contribution to the company.
“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,” Armstrong said yesterday, as quoted by Bloomberg. The newswire noted that White had declined to comment on his departure.
White’s departure came just a day after Coinbase hired former Instinet chief executive Jonathan Kellner as managing director of its institutional coverage group. It also comes at a time when Coinbase is pushing to make its platforms more attractive to institutional investors who are interested in digital currencies.
Earlier this year, Coinbase released a product suite aimed at accelerating the adoption of cryptocurrencies by institutions. The suite included a custodial solution and a new platform geared towards institutional investors, among other products. The institutional coverage group, which is to be helmed by Kellner, was also launch as part of the same effort.
While the timing of White’s departure seems inconvenient, given Coinbase’s increased focus on institutional investors, the company appears to be confident that its push will not be slowed down by him leaving.
“While we’re extremely sad to see him go, we’re also confident in that group’s ability to keep executing on the vision that he laid out to be the most trusted venue for institutional investors to trade cryptocurrencies,” a representative of the company said in a statement, as quoted by Bloomberg.
According to the newswire, Kellner will take over much of White’s responsibilities.