The fifth employee of Coinbase, one of the largest cryptocurrency exchanges in the US, is leaving the company. The decision comes at a very crucial time in Coinbase’s journey as the San Francisco based start-up is doubling down on its institutional investment efforts. As head of the institutional platform group Adam White is stepping down from his role, a large portion of his responsibilities will be managed by new hire Jonathan Kellner.
Why the Exit Matters?
Coinbase is currently looking to bring large clients onboard after becoming a reliable platform for retail investors. It is seeking institutional customers, like hedge funds, to work with. The exchange has already bifurcated its platform into Coinbase Pro and Coinbase Prime, with the latter catering to the requirements of its deep-pocketed investors.
At a time like this, White’s departure is surprising. He used to take care of the company’s institutional business as vice president and general manager. He joined the company in 2013 when the founders were still working on the platform from their one-bedroom apartment and Bitcoin was valued at only $200. The Harvard Business School MBA served in the US Air Force and worked as a consultant at Bain & Co. before joining the crypto exchange.
Looking Forward After the Departure
While White has declined to comment on the story, Coinbase CEO Brian Armstrong praised his work with the company. In the email, he 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.”
On the other hand, a Coinbase spokesperson commented on White’s exit from the company, saying:
“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.”
The exchange recently announced that Jonathan Kellner would join the company as managing director of institutional coverage. The former Instinet executive, with previous work experience at Charles Schwab, could be a valuable addition to the company in testing times.
Coinbase Head of Institutional Platform Leaving the Company was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.