Bakkt CEO Mike Blandina Steps Down 4 Months After Taking Role

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Bakkt CEO Mike Blandina is stepping down from his role.

He will be replaced by David Clifton, vice president of M&A and integration at Bakkt parent company Intercontinental Exchange (ICE), the company announced in a press release. Adam White, the company’s president, will maintain his role.

Blandina was named the CEO in December 2019, succeeding now-Senator Kelly Loeffler (R-Georgia), who helmed the company since its launch in August 2018 through her appointment to the U.S. Congress. He is moving to take on a role at JP Morgan, an individual familiar with the situation told CoinDesk. Neither Blandina nor a spokesperson for JP Morgan immediately returned requests for comment.

Clifton participated in ICE’s 2013 acquisition of NYSE Euronext, according to the press release, and will now focus on Bakkt’s integration of Bridge2 Solutions, the loyalty program provider the company acquired

In a statement, ICE Chairman and CEO Jeffrey Sprecher said, “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.”

Bakkt, which currently offers bitcoin futures and options contracts to institutions worldwide, is in the middle of building a retail-focused payments and rewards app. The company is already testing an integration with Starbucks, and intends its final app to support a range of rewards, such as airline miles, and vendors.

A spokesperson for ICE did not immediately return a request for comment.

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