Coinbase announces new leader for custody division ahead of Bitcoin ETF readiness
Coinbase has made a significant change in its custody department, possibly as a strategic move to handle services related to spot Bitcoin ETFs.
The departure of Aaron Schnarch, the previous CEO of Coinbase Custody, marks a significant shift in the company’s leadership. Schnarch’s position has been taken over by Rick Schonberg, who joined Coinbase in 2021 and brings valuable experience from his previous roles at Goldman Sachs, State Street, and Tagomi.
Coinbase’s custody division is widely recognized as the top choice for Bitcoin ETF applicants. This includes major financial players like BlackRock, Franklin Templeton, and Grayscale Investments. The importance of custody services is particularly emphasized in the context of Bitcoin ETFs, where the security and management of tokens are crucial for investor confidence and operational efficiency.
This leadership transition comes at a critical moment for the cryptocurrency industry, as the race to obtain the first regulatory approval for a US-based ETF that directly invests in Bitcoin has intensified. The Securities and Exchange Commission (SEC) is expected to make a decision on Jan. 10 regarding an application for a spot Bitcoin ETF submitted by ARK Investment Management, led by Cathie Wood, and 21Shares. The outcome of this decision could potentially set a precedent for similar applications in the future.
