Coinbase Inc head of institutional platform group and fifth employee steps down

By Nilesh Maurya
Published October 5, 2018 Updated October 5, 2018
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Coinbase Inc head of institutional platform group and fifth employee steps down

By Nilesh Maurya
Published October 5, 2018 Updated October 5, 2018

While Coinbase has been making strides in expanding its institutional business and acquiring some great talent from Wall Street and traditional technology companies, it has been hit with a roadblock. According to the latest news reports Coinbase’ head of institutional platform group and fifth employee, Adam White, is stepping down from his role.

Jonathan Kellner enters and White exits

White’s departure comes a day after the company said former chief executive of brokerage Instinet Jonathan Kellner will be the managing director of its institutional coverage group. Apart from this job role, Kellner will take some parts of White’s role, Coinbase spokesman Elliott Suthers said in a statement.

“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,” said Chief Executive Brian Armstrong.

Coinbase Institutional Coverage Group will now be led by Jonathan Kellner, who will join the team as managing director.  Kellner most recently worked as the CEO of Instinet, one of the early companies in electronic trading and execution services. Before joining Instinet as CEO in 2008, he led the US Sales Trading Group of the company. He also held prominent positions at Morgan Stanley and Charles Schwab & Co., which could be very useful for the crypto exchange.

With more than two decades of financial market experience, he will be leading institutional sales for Coinbase. He will also take care of support organizations and will help in driving institutional crypto trading products on the platform.

Coinbase plans to grow bigger in Institutions

In a blog post that announced Kellner’s appointment, Coinbase spoke about the maturing crypto market and its evolution into a tradable asset class, which will include institutional crypto investors like crypto hedge funds and token issuers, as well as traditional financial firms like hedge funds, asset managers, banks, and even family offices. Each of these market segments will play a different role and will have different needs. The post read

“As crypto continues to mature and evolve into a fully-fledged, tradable asset class, institutional investors of all types will play a critical role in the market” “As Coinbase continues to grow and act as the bridge between traditional finance and crypto world, we’re committed to bringing on leaders who can help us chart a course through these previously uncharted waters”

Also, read: Coinbase Preparing to Take on Wall Street? Now Launches New Products & Rollout GBP Support

Coinbase is super bullish on its institutional business. In an official blog post published in August entitled “Introducing our Institutional Core Principles,” (the exiting) Adam White, disclosed the five core principles Coinbase have employed to service institutional investors in US markets

“Operate institutional-grade tools and teams that ensure the safe storage of customer data and protection from data theft Comply with, or exceed state and federal regulation, actively analyse and participate in new licensing and compliance activities Protect customer assets through an ongoing commitment to our industry-leading cold-storage and custody techniques,” White had explained then.

White exist from Coinbase is definitely a big shocker for the street, but Jonathan Kellner has the credentials to fill in White’s shoes. One will have to wait and see whether he can deliver on the institutional plans that Coinbase has put forward.  

Will Jonathan Kellner be able to fill in White’s shoes at Coinbase? Do let us know your views on the same  

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nilesh Maurya
689 Articles
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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