Head of Trading at Coinbase Quits-It’s not a good time for Coinbase because the head of trading at the firm, Hunter Merghart has resigned in a shocking development. His stay with the wallet provider was solely for the duration of six months.
It is reported the decision was made only last week. Coinbase has made itself unavailable to respond to this issue.
In what seems to be a surprise, the exit of Merghart is followed by the exit of Adam White, an executive who was behind the hiring of Merghart himself. Adam is now the Chief Executive Officer at Bakkt. Which is a new crypto trading platform by ICE, the parent of NYSE.
Adam White hired Merghart when the latter was a director of U.S. equity trading for Barclays. It is a megabank based in the UK.
Talking about the exit, Merghart made it clear that he was not given enough resources. And a roadmap to build the institutional business.
The company, however, has received $300 Million funds in its Series E round. Some of which could also have gone towards the institutional business as well, says the company.
Head of Trading at Coinbase Quits-In a recent interview with one of the leading media, Coinbase president and Chief Operating Officer, Asiff Hirji, said there is going to be a significant contribution from growing custody and Institutional business in the share of revenues for the firm. Coinbase is confident of having enough institutional bench strength. It recently hired Jonathan Keller, a former CEO at Instinet, as Managing Director of Institutional Coverage Group.
However, there are speculations behind this exit of Merghart. As ICE is preparing to launch bitcoin futures on Bakkt in the final month of the year.
Let’s wait and keep watching further for the actual reason behind the exit and rumored advantage of Merghart’s exit and the launch of bitcoin futures in Bakkt by ICE.