Coinbase has made a change in its custody leadership, possibly as a strategic move in preparation for managing services related to spot Bitcoin ETFs. The exit of Aaron Schnarch, the former CEO of Coinbase Custody, signifies a significant shift in the company’s leadership. Rick Schonberg, with previous experience at Goldman Sachs, State Street, and Tagomi, has assumed Schnarch’s role after joining Coinbase in 2021.
Coinbase’s custody division is widely acknowledged as the preferred choice for Bitcoin ETF applicants, including major players like BlackRock, Franklin Templeton, and Grayscale Investments. The significance of custody services is particularly heightened in the context of Bitcoin ETFs, where the secure storage and efficient management of tokens play a crucial role in building investor confidence.
This change in leadership is occurring at a pivotal juncture for the cryptocurrency industry. The competition to secure the first U.S. regulatory approval for an ETF directly investing in Bitcoin has intensified. The SEC is expected to make a ruling by January 10 on a spot Bitcoin ETF application submitted by ARK Investment Management, led by Cathie Wood, and 21Shares. The decision’s outcome may establish a precedent for similar applications in the pipeline.
