U.S.-based crypto exchange, Coinbase, will be parting ways with one of its veteran employees, Adam White, according to an announcement made by the exchange firm on Bloomberg on Thursday.
Adam White joined Coinbase in 2013 as vice president, business development and product management, and also as the fifth employee to be hired by its founder during the era when the value of one BTC was trading at USD 200.
According to Adam White’s Linkedin profile, He holds an MBA degree from Harvard Business School and has been the general manager and vice president of Coinbase’s institutional business for over two years.
“Over the past five years, Adam helped us build our exchange business into the largest US-based crypto-trading venue and was integral to growing Coinbase’s global presence and scaling our culture to multiple offices,” Coinbase co-founder and CEO Brian Armstrong said.
Since the news broke out, White has refused to comment on the matter as at press time, and Coinbase, on the other hand, did not disclose White’s plan for the future.
However, a spokesman of coinbase who chose to remain anonymous said,
“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.”
Coinbase Recruiting More Employees to Strengthen Operation
The news is coming at a time when Coinbase is seeking to increase its employees’ strength.
As at October 3, the firm made a step closer toward its 2019 vision of expanding the number of its workers’ base, from 20 to 150 by hiring Jonathan Kellner, the former chief executive officer of Instinet.
Kellner will be joining them as the managing director of its institutional business, and will also be White’s substitute.
Sources are of the opinion that the main reason for the immediate replacement of Adam White at Coinbase, can be traced to the exchange’s update this year, targeted at major institutional clients, which Coinbase claim could “help introduce a new category of institutional investors into the cryptocurrency space.”
According to reports, Coinbase also announced the recruitment of former Charles Schwab advisor on Tuesday, Chris Dodds to its board of directors and former JPMorgan executive director Oputa Ezediaro to its Institutional Coverage Group.