President of Bakkt, Adam White, has announced his departure.

Adam White departed Coinbase to start Bakkt, which has struggled to find a strategic direction in recent months.

On Thursday, Adam White, the founder and president of the digital assets and rewards platform Bakkt, announced his departure from the firm via Twitter. Bakkt, a subsidiary of Intercontinental Exchange (ICE), the financial behemoth that operates the New York Stock Exchange, is in a state of flux as a result of his departure.

White, an Air Force veteran who rose to prominence in the crypto industry as one of Coinbase's earliest employees, did not provide specific reasons for his resignation or indicate what he plans to do next, instead only stating that he is "optimistic about the future."

White did not immediately respond to a Twitter message asking for details of his future plans, while Bakkt provided this statement, "We thank Adam for his leadership and contributions to Bakkt. He helped shape the early strategy for the company and is a strong advocate for our work."

White's exit from Bakkt comes at a time when the company's share price has slumped badly since going public in October via the reverse merger process known as a SPAC. While the firm's stock initially traded as high as $50, it has floundered since and was trading under $9 on Wednesday:

Meanwhile, Bakkt has struggled to carve out a niche for itself even as the broader crypto market has boomed. When it launched, Bakkt boasted that it would leverage its Wall Street ties to help bring Bitcoin and crypto into the mainstream, in part by working closely with regulators.

After more than three years, that goal has translated into an offering that consolidates a variety of digital assets—from Bitcoin to gift cards to airline miles to NFTs—into a single wallet. But it's unclear if there is much demand for such a product, or if Bakkt will be able to stand out in the fast-evolving crypto landscape.

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