Adam White is departing US crypto exchange, Coinbase, where he most recently served as VP & General Manager, to join Intercontinental Exchange’s (ICE) Bakkt platform.
In a Medium post, Bakkt CEO, Kelly Loeffler, says: “Building a talented team at Bakkt is central to delivering on our vision to create a transformational digital asset ecosystem. That’s why I’m thrilled to announce that we will welcome Adam White as Chief Operating Officer in November.”
“If you know Adam, you may know he was employee #5 at Coinbase, the largest digital currency platform in the US. Equally important as his credentials, he’s also an excellent fit with our culture of collaboration, problem solving, integrity and leadership. As a visionary and a strong operator, Adam is a much anticipated addition to our busy team.”
Hard at work
Loeffleralso took the opportunity to provide an update on Bakkt’s forthcoming platform. She said that the venture is hard at work with members and customers preparing for it. “Our exchange and clearing house boards — and the clearing house risk committee — have all reviewed and approved the respective rules. We plan to file these rules publicly with the CFTC for review and comment very soon. We’re taking a transparent approach to engage across the industry as we begin testing and onboarding in November, and trading and warehousing in December, subject to CFTC approval.”
LabCFTC FinTech Forward
Loeffler concluded the Medium post by addressing the recent LabCFTC FinTech Forward conference, which, she said, generated a helpful dialogue on digital assets, with a range of regulators, industry participants and observers in attendance.
“Many of us share the view that a new asset class is forming and a framework for operating within these markets is welcome. The potential for product development is strong, as is the need for regulatory certainty,” she commented.
During the event, she offered an example of how regulatory clarity supported growth in the global oil markets. In 2002, Intercontinental Exchange listed only a handful of oil contracts — and today, it offers over 500 oil contracts. At the same time, the oil market went from inconsistent regulation in bilateral, opaque and fragmented OTC trading to a regulated futures market that was transparent and liquid — and many times larger and more useful for commercial hedgers and traders.”
“The market grew alongside the application of regulation. That’s why we believe the sooner a regulatory approach to digital assets is determined, the better positioned we are to support healthy markets and innovation within a dynamic global marketplace,” she concluded.