The head of trading at one of the most popular cryptocurrency exchanges in the world, Coinbase, resigned after just six months on the job.
According to CoinDesk, Hunter Merghart’s resignation from the U.S. exchange and decided to leave the company last week. He is now reportedly exploring other opportunities. Departure of Merghart is soon after the executive who hired him, Adam White, left Coinbase earlier this month.
White was serving as a vice president and general manager in the crypto exchange before he resigned. He hired Merghart in early May 2018 in order to join Coinbase Institutional. Prior to this, he was in the U.K.-based megabank Barclays. Since 2015, he worked there as a director of U.S. equity trading. White left to become the chief operating officer of the new institutional crypto trading platform, Bakkt. It was being launched by Intercontinental Exchange (ICE).
According to CoinDesk’s sources, the reason behind Merghart’s departure is that he was not provided with enough resources or was given any clarity on the roadmap to build an institutional business. Coinbase did not comment anything on Merghart’s departure yet. However, on Tuesday the exchange announced that it is now valued at over $8 billion after a $300 million round of funding was closed to “accelerate the adoption of cryptocurrencies and digital assets.”
In other news, Coinbase, recently partnered up with a New York-based investment firm Wilshire Phoenix in order to launch a new crypto-focused fund. It is organized as a statutory trust and will be capped at $500 million, according to a press release on Wednesday.