Institutional this, institutional that — the narrative that Wall Streeters are going to pick Bitcoin off its feet has become a rallying cry for many of crypto’s most fervent optimists. However, a damning report claims that the unrelenting push for institutional participation from Coinbase has begun to relent, albeit only slightly.
In October of 2018, NewsBTC reported that Coinbase, the San Francisco-headquartered crypto innovator, saw its fifth hired employee, Adam White, leave for ICE-backed Bakkt. Although this news was initially seen as a hit to the upstart’s institutional arm, as White was primarily behind Coinbase’s Wall Street push, a talented individual was slated to fill the gap. It was claimed that Jonathan Kellner, the former chief executive at brokerage giant Instinet, was ready to pilot Coinbase Institutional’s proverbial ship.