Bakkt has hired a new CEO as Mike Blandina was appointed for the job. Blandina is a tech industry veteran who worked in the past for Google and PayPal.
Kelly Loeffler, the previous CEO and founder of the company, vacated the job after they received a US Senate seat at the start of December. The current CEO has been promoted and works for the company since April 2019 when he joined as a chief product officer.
Besides a new CEO, the company has also appointed a new president. Adam White was an executive at Coinbase, another U.S. crypto exchange company. White was hired as a chief operating officer in November 2019, and he is known for his exciting career as he worked as a pilot for experimental aircraft tested by the U.S. Air Force.
According to a press release offered by the company, Blandina will continue to pursue the strategic vision of the company. At the same time, White will focus on digital assets, especially trading and custody.
Bakkt is a digital asset custody company that is affiliated to the Intercontinental Exchange. The founding of the company was announced by ICE in August 2018, with Microsoft and Starbucks being mentioned as strategic partners.
More changes in the Bakkt administration
The proposition was quite attractive, and several eleven investors were attracted, among which we can count Boston Consulting Group, Galaxy Digita, Horizons Ventures, Microsoft, and Pantera capital. A small PR incident took place in February 2019 when a scanner used the name of the company to attract investors for his scheme.
In August 2019, Bakkt Trust Company received a charter form the New York State Department of Financial Services. The charter allows the company to offer custody services for bitcoin.
A $125 million insurance policy protects the Bitcoin stored by the company. The popularity of the company has increased over time, and many customers have started to use its services.