Adam White is resigning as vice-president and head of institutional investments at Coinbase, a spokesperson for the cryptocurrency exchange told Bloomberg on Thursday. White’s departure came a day after the San Francisco-based company hired Jonathan Kellner, formerly CEO of international broker Instinet, as managing director of its institutional coverage division.
White has been with Coinbase since its founding in 2013, and now Kellner will take over most of his duties.
“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 Coinbase representative said in a statement emailed to Bloomberg.
As head of business development and product management, White played a significant part in making Coinbase a top choice for US retail investors. He held this position until 2016, after which he led efforts to establish Coinbase among institutional investors.
White was the key figure in the launch of offerings such as Coinbase Custody and Coinbase Index Fund. He also participated in the rebranding of the main market GDAX to Coinbase Pro.
“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,” Coinbase CEO Brian Armstrong told Bloomberg.
The exchange has become very active in targeting big financial players like hedge funds as institutional investors start to get more involved in the crypto market. As part of these efforts, Coinbase added to its board earlier this week Chris Dodds, currently a board member at Charles Schwab Corporation.
Last week, Coinbase struck a deal with digital asset management platform Caspian in a bid to boost institutional crypto trading.