{"id":131565,"date":"2020-04-26T11:00:44","date_gmt":"2020-04-26T10:00:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=131565"},"modified":"2020-04-26T06:48:59","modified_gmt":"2020-04-26T05:48:59","slug":"as-bakkts-second-ceo-exits-firm-questions-rise-about-the-hyped-bitcoin-catalyst","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/as-bakkts-second-ceo-exits-firm-questions-rise-about-the-hyped-bitcoin-catalyst\/","title":{"rendered":"As Bakkt’s second CEO exits firm, questions rise about the hyped Bitcoin “catalyst”"},"content":{"rendered":"

Bakkt<\/a>, the Intercontinental Exchange (ICE) crypto subsidiary, suffered its second high-profile executive exit last week after CEO Mike Blandina stepped down. While the rumored institutionalization of cryptocurrency remains a far-fetched vision, several empty promises and misplaced hypes question Bakkt\u2019s integrity as a company.<\/p>\n

Third executive in four months<\/h2>\n

As reported<\/a> on Bloomberg<\/i>, Blandia resigned the Bitcoin futures bourse after just four months on the job. He now joins J.P. Morgan to head its payments technology division. Interestingly, the U.S. investment bank was poised to develop its JPM coin in 2019, but not much has transpired on that front since.<\/p>\n

When Blandia joined Bakkt as CEO in December 2019, he vowed to oversee the exchange\u2019s expansion in key markets, explore newer product offerings, and even launch a retail application for everyday payments. Previously, Blandia had stints at PayPal and Google, both centered in the payments division.<\/p>\n

Bakkt\u2019s new CEO is David Clifton, previously at ICE as head of M&A and integrations. Adam White continues his role as company president, and no further announcements on the exchange\u2019s future exist at press time.<\/p>\n

Promises, hot air, and zero substance<\/h2>\n

Formerly, Blandia replaced U.S. senator Kelly Loeffler<\/a>, who was recently in the headlines<\/a> for gaining millions in the stock market based on insider information. Loeffler was extensively praised in 2018-19 for bringing in institutional tools for the cryptocurrency market before her administrative appointment. But Bakkt\u2019s poor, non-existential performance in the recent months has begged larger questions \u2014 are institutions even interested in Bitcoin exposure at all?<\/p>\n

Crypto fanatics once regarded Bakkt as Bitcoin\u2019s \u201ckiller app\u201d \u2014 a so-called slang for products\/services that revolutionize industries and rival products. Popular crypto commentator Scott Melker tweeted:<\/p>\n

\n

The @Bakkt<\/a> news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing.<\/p>\n

— The Wolf Of All Streets (@scottmelker) August 16, 2019<\/a><\/p><\/blockquote>\n