Coinbase Inc. announced the departure of Adam White, the head of the cryptocurrency exchange's institutional platform group, Bloomberg News reported, citing an email from a company spokesman.

Jonathan Kellner, former CEO of Instinet, is coming onboard as managing director of Coinbase's institutional business, covering much of White's responsibilities.

White, who joined Coinbase in 2013, exits the company at a time when it is looking to sign large clients after becoming a leading exchange for retail investors, according to the report.