Adam White, the founder and President of the platform Bakkt has taken to Twitter to announce his departure from the company. While his tweet reflected his optimism about the future, he did not specify what caused him to step down, nor did he mention what’s next for him.
His departure from the company comes at a time of uncertainty for it, which is a subsidiary of Intercontinental Exchange, or the ICE, which is a financial giant that owns the NY Stock Exchange.
As of right now, the Airforce Veteran who made a name for himself at Coinbase as one of its earlier employees didn’t immediately answer any questions on Twitter.
At the time of his exit Bakkt’s share price has slumped rather badly since it went public back in October via the reverse merger process simply known as SPAC. The stock’s initial trading was as high as $50, the decline has since seen it being traded at just under $9 on Wednesday.
After a great 3+ years at bakkt, next week will be my last
I’ve loved working at 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 🌕
— Adam White (@WhiteAdamL) December 23, 2021
Bakkt was also struggling to carve out its own niche as the crypto market at large boomed. It boasted it would leverage Wall Street ties it had to help bring over Bitcoin and Crypto into the mainstream, and hoped to achieve this in part by working closely with regulators.
Now that more than 3 years have passed the goal has been translated into an offering that consolidates a varied number of digital assets, ranging from Bitcoin to gift cards to even airline miles to NFTs, all into a single wallet. Of course, it still remains unclear whether there remains much of a demand for a product of its nature, or even if Bakkt as a company will be able to survive the ever-evolving crypto landscape.
In theory, Bakkt’s ties to the ICE should have provided a strategic advantage, the ties they made have probably also weighed the company down with politics and bureaucracy. Though White may have had the caliber to be the leader of Bakkt, the company instead chose the ICE’s billionaire CEO Jeffry Sprecher’ wife, Kelly Loeffler, as the first CEO of the company.
Then, in early 2020 Loeffler exited Bakkt upon being appointed to fill a vacancy in the U.S. Senate, taking a $9 million payout as she left the company. She lost the seat to a Democrat in the November 2020 election once she attempted to reinvent herself as a Trumpist Firebrand.
In more recent months under the CEO Gavin Michael, Bakkt has sought to reinvent itself in a way, by announcing various tie-ups with franchises and companies like Starbucks and Apple.