Coinbase's Head of Trading Resigns After Six Months on Job

coinbase
adamwhite
bakkt
huntermerghart

#1


via cd

The head of trading at Coinbase, Hunter Merghart, has resigned from the U.S. crypto exchange and wallet provider after just six months on the job, CoinDesk has learned.

Merghart made the decision to leave the company last week and is now exploring other opportunities, according to people familiar with the situation. Coinbase declined to comment on the move when reached.

His departure follows that of the executive who hired him, Adam White, who left Coinbase earlier this month to become the chief operating officer of Bakkt, the new institutional crypto trading platform being launched by Intercontinental Exchange (ICE), the parent of the New York Stock Exchange.

White, who was Coinbase’s fifth employee and most recently a vice president and general manager there, hired Merghart to join Coinbase Institutional at the start of May 2018. He joined from the U.K.-based megabank Barclays, where he’d worked as a director of U.S. equity trading since 2015.

Merghart is leaving out of frustration that he wasn’t getting enough resources or clarity on the roadmap to building an institutional business, according to two people familiar with his reasons.

Earlier this month, Coinbase confirmed it had shut down an index fund geared toward institutional investors, just four months after it went live.

Going institutional

Still, the departure comes as Coinbase secures another $300 million of funding in a Series E round announced Tuesday, part of which the company said would go toward building the institutional side of the business.

In a recent Bloomberg interview, Coinbase president and chief operating officer Asiff Hirji said the growing custody and institutional businesses will account in the future for a large share of revenues, which are currently “100% transactional.”

To be sure, Coinbase has no shortage of institutional bench strength.

It recently hired former Instinet CEO Jonathan Kellner as its new managing director of the Institutional Coverage Group and also added former Charles Schwab advisor Chris Dodds to its board of directors and former JPMorgan executive director Oputa Ezediaro to the Institutional Coverage Group.

Despite a sustained slump in cryptocurrency prices, a febrile atmosphere surrounds the expected advancement of Wall Street into the digital asset trading space.

Among the notable players, ICE is poised to launch bitcoin futures on Bakkt in early December, and Fidelity Investments is building a crypto trading platform.


#2

Greener pastures being discovered. So much money to harvest.


#3

Don’t know about everyone else, but my trench has been dug and is still getting deeper by monthly DCA.
People often think what’s my $200 dollars going to do, I can’t get rich off that. But what if you brought $200 worth of amazon/google/apple stock when the prices slumped due to market sentiment being through the floor. I can tell you, $200 would be worth over $60k now.

If we are diligent now, we will either be very well off in the years to come or we won’t. But if this is a asset class of the future, I know what side I’m banking on.

Why did fidelity spend 450m on a crypto trading desk… I can’t imagine it was w speculative investment. It was because they know what the future is gearing towards, and that’s a form of digitalisation.

How many services are becoming more and more digitalised now? Even down to smart meters in your home, from big boiler tanks in the past.

What’s everyone else’s thoughts?


#4

I remember people telling me online shopping won’t be as good as going to the high street. Well companies as big as Debenhams are closing its stores. BHS went under. HMV was destroyed by streaming apps, the list goes on.


#5

Good point mate…Slowly but surely!


#6

I’m keeping with the idea that bitcoin will not take over everything in the currency realm. It will exist alongside other options. Mass adoption is already here and it’s going to continue grow (probably 1 more parabolic move) and then level off and slow the growth curve down. Bitcoin will always have a lot of haters and still be wildly successful.


#7

I wouldn’t say we are at mass adoption just yet, there are only a few million wallets with more 100usd man