Cryptocurrency Derivatives Series: ICE’s Bakkt Replaces Its CEO Again

InterContinental Exchange-backed ‘Bakkt’s’ CEO Mike Blandina is moving out from his designation at the digital asset platform. Blandina who sworn-in as the company’s CEO just around four months ago as Kelly Loeffler who was the then CEO of the company, appointed as the senator of Georgia.

The company now replaces ‘Mike Blandina’ with David Clifton as the CEO. Clifton, who’s currently ICE’s Vice President at M&A and Integration, joined ICE in 2008, serving previously as Associate General Counsel, M&A, is going to succeed Blandina, as per the ICE’s announcement.

During Clifton’s tenure, he has played a pivotal role in the company’s deals, including the 2013 acquisition of NYSE Euronext, among other global strategic initiatives and transactions. Clifton received his JD from Mercer University’s Walter F. George School of Law and is a graduate of Davidson College. In his interim role at Bakkt, Clifton will focus on completing the integration of Bridge2 Solutions, which Bakkt acquired earlier this year, while also driving forward Bakkt’s growth initiatives.

“David Clifton has been deeply engaged in many of our most important initiatives over the years and, after helping to lead the acquisition of Bridge2 to accelerate the rollout of Bakkt’s consumer application, I know he will provide outstanding leadership for Bakkt as its Interim CEO,” said Jeffrey Sprecher, Founder, Chairman and CEO of ICE. “I also want to express our gratitude to Mike Blandina for his work to help grow Bakkt during an important transformational period for the company and wish him all the best in his new endeavor.”

Bakkt has launched its physically-settled bitcoin futures back in September 2019 followed by the launch of an institutional-grade bitcoin custody solutions as well.

Bakkt completed its Series B round of funding in the recent past, managed to raise an additional $300 million of capital from Intercontinental Exchange and other leading software companies and venture firms. As part of that funding, Bakkt acquired Bridge2 Solutions, a provider to loyalty programs of 7 of the top 10 financial institutions and 2 of the largest U.S. airlines, in addition to supporting another 4,500 loyalty and incentive programs. The new CEO is going to proceed with Bridge2 Solutions projects that will help accelerate the development of the Bakkt consumer application, which will provide digital asset aggregation, conversion, and payments through a single platform for consumers globally.