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Bakkt and ErisX are not the same, clarify Adam White and Thomas Chippas

Bakkt, the digital asset platform spearheaded by Intercontinental Exchange [ICE] and ErisX, the cryptocurrency exchange, are often clubbed together because of their converging visions for publicly traded Bitcoin products. However, their executives recently came forward to clearly demarcate the two. The two platforms are launching their own Bitcoin Futures soon, prior to which they want to clear the air, so that customers know what they’re getting into with each service. At a recent conference, Adam White, the COO of Bakkt, and Thomas Chippas, the CEO of ErisX, spoke about the growth of digital assets, and its foray into the mainstream realm of financial products. White stated that Bakkt’s goal was to further cryptocurrency adoption, while also creating a wider market through which the public can trade cryptocurrencies. He added that the digital assets platform should not be considered business for institutional infrastructure alone. The COO stated, “To me, it is not enough just to say we are going to invest a ton of money into market infrastructure and hope someone else figures out why we’re going to use [virtual currencies]” White added that the need for wider cryptocurrency application was key to thee growing adoption of the underlying blockchain technology. He stated, “We are going to see volumes continue to flatten, price probably to trend to zero, because everyone is baking in that the future public blockchains are going to be more efficient, they are going to be cheaper, they are going to be faster … but it requires companies building actual use cases and applications on top of that.” The Bakkt COO brushed off any concerns about the delay in regulatory approval, which was expected in January, 2019. White also stated that the complexities of the cryptocurrency space cannot be understood within a short period, stating, “It’s partnering and working with the regulators to help them understand what is hard fork, what a deep chain reorg is, why one blockchain or public blockchain may be sufficient and capable while another one isn’t.” Contrarily, the CEO of ErisX, Thomas Chippas, stated that his exchange wanted to cement itself as a marketplace. Referring to virtual currencies as “commodities,” Chippas said that the creation of a marketplace was a pertinent precursor to the development of the larger asset-class. In his own words, “Our view more is we want to provide a marketplace where these commodities can be traded, futures can be provided so that others can actually go develop.” According to Chippas, Bakkt is also on a path to the development of the cryptocurrency market. However, it is taking a different route, he said. Veering away from being solely a marketplace for digital assets, Bakkt, in Chippas’ opinion, will play the dual role of being a payment intermediary, as well as a clearing house. He added, “Bakkt believes that being both a clearing house as well as a payment processor in competition with Visa and MasterCard is the way to go because they think they need to push the development.” ErisX’s application for a DCO license was still awaiting approval from the Commodities Futures Trading Commission [CFTC], at press time. However, Chippas remained patient, stating, “The right answer is going to be when the regulators are ready and they feel that the requirements have been met.” The post Bakkt and ErisX are not the same, clarify Adam White and Thomas Chippas appeared first on AMBCrypto.

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.
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Adam White Leaves Coinbase and Joins Bakkt as COO

The Coinbase veteran, Adam White, is leaving the San Francisco-based company to join Bakkt. The information was released a few days ago by Kelly Loeffler, CEO of Bakkt. White will be… Continue reading "Adam White Leaves Coinbase and Joins Bakkt as COO" The post Adam White Leaves Coinbase and Joins Bakkt as COO appeared first on UseTheBitcoin.
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Bakkt Hires Coinbase’s Adam White as Chief Operating Officer

High-ranked official from Coinbase, Adam White, joins Bakkt as the platform’s Chief Operating Officer starting November. Changing Sides Live Bitcoin News reported earlier this month that Adam White, Head of Coinbase’s Institutional Platform Group, was leaving the organization. The largest US-based cryptocurrency exchange has replaced him with Jonathan Kellner – former CEO of institutional brokerage firm Instinet. In an official Medium announcement dated October 15, Kelly Loeffler, CEO of Bakkt, welcomed White to the platform, outlining that he will serve as its Chief Operating Officer starting November. Loeffler describes White as an “excellent fit” and a “visionary”, noting: …He’s also an excellent fit with our culture of collaboration, problem solving, integrity and leadership. As a visionary and a strong operator, Adam is a much-anticipated addition to our busy team. Interest Shifting From Retail to Institutional Bakkt, in theory, solves a lot of the issues that accredited institutional investors are supposedly facing. According to Loeffler, the platform will reduce the risk of investing in Bitcoin by prefunding all of the trades. Furthermore, the platform will provide a fully funded separate guaranty fund for Bitcoin which will eliminate the risk of a default. White, who was the former head of Coinbase’s institutional platform, noted: The interest in Bitcoin and other currencies started changing from retail to the institutional side. But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines. The big banks needed exchanges that provided the safety equivalent to what they enjoyed in trading equities, bonds or gold. That’s why I joined Bakkt. It’s also worth noting that Bakkt aims to bring forward Bitcoin trading and warehousing solutions in December which are subjected to approval by the CFTC, adding yet another layer of credibility and trust. What do you think of Adam White joining Bakkt? Don’t hesitate to let us know in the comments below! Images courtesy of ShutterStock The post Bakkt Hires Coinbase’s Adam White as Chief Operating Officer appeared first on Live Bitcoin News.
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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
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