Coinbase Loses Head of Trading After Six Months, Hired by Adam White Who Went to Bakkt
Hunter Merghart joined Coinbase in only six months ago, when he was hired as the head of trading by Adam White. However, last week, he announced his resignation from the company and he has decided to embark on a path to new opportunities, according to sources. He is one of the many Coinbase employees who have left the company in recent months, like White who left to work as an executive at Bakkt.
While was only the fifth employee to ever be hired with Coinbase, and he even managed to be appointed vice president and general manager. When he hired Merghart, Merghart left megabank Barclays as director of U.S. equity trading, which is a position he held down for over two years. Based on two individuals that are close to Merghart, much of his reasoning for leaving had to do with the lack of resources and clarity on the company’s goals to create an institutional business.
Coinbase has held down a place in the media lately, which has been divided between positive and negative reports. Their index fund, which was only launched four months ago, has already been shut down, cutting off their ability to reach institutional investors with the efforts. On the other hand, they were recently the recipient of $300 million through a Series E funding round yesterday, which they said would be contributing to their work on institutional investments.
Chief operating officer and president Asiff Hirji believes that their work with institutional investments could end up accounting for a significant number of shares in revenue. Presently, these shares are “100% transactional.” To support this side of the platform, they added several new executives, including:
- Jonathan Kellner, managing director of the Institutional Coverage Group
- Formerly, CEO of Instinet
- Chris Dodds, a member of the board of directors
- Formerly, an advisor to Charles Schwab
- Oputa Ezediaro, a member of the Institutional Coverage Group
- Formerly, an executive director for JPMorgan
Even though the industry is suffering with low crypto prices, there is a sense of optimism around the potential for advancement with Wall Street and their investors. ICE, for instance, is planning to finally launch their Bitcoin futures on Bakkt by the end of the year, while Fidelity Investments is making progress on their crypto trading platform.
So far, Coinbase has yet to comment about the changes to Merghart’s resignation.