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The former head of institutional products at major U.S. crypto exchange Coinbase Adam White will be joining Intercontinental Exchange’s (ICE) forthcoming platform Bakkt. According to a Medium post published today, October 15, White will be joining as chief operating officer (COO) this November.

The news confirms unofficial reports that had already been circulating last week. As previously reported, Adam White was Coinbase’s fifth-ever employee, joining in 2013 when the founders “were still working out of a one-bedroom apartment and Bitcoin was trading around $200,” and staying with the firm for five years as it grew to its current popularity.

In tandem with today’s Medium announcement, the new COO has spoken with Fortune about his reasons for making the move, saying he believes that ICE’s new venture will be the catalyst for those institutional investors that have been “waiting on the sidelines” to enter the crypto space. He is quoted as saying that:

“In 2017, I saw a big…

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