Coinbase changes custodian amid rush to approve spot Bitcoin ETF

Coinbase hired a new executive to lead its custody department earlier this year, as the cryptocurrency exchange looks to provide custody services to traditional financial institutions that have applied for spot Bitcoin ETFs.

Coinbase’s former CEO of custody, Aaron Schnarch, left the company in recent weeks, but was replaced as head of custody services by Rick Schonberg in August, according to a Coinbase spokesperson.

The move comes as major financial firms such as BlackRock, Franklin Templeton and Grayscale Investments have instructed Coinbase to provide custodial services if the funds are approved. The entire cryptocurrency world is anxiously waiting to see if a new ETF will be approved.

Formerly at Goldman Sachs

Prior to taking on the role of CEO of Coinbase Custody, Schnarch served as the company’s Vice President of Product Management, Custody and Prime Platforms.

According to his LinkedIn profile, Schonberg previously served as head of global product development at British clearinghouse group LCH and senior managing director at financial services firm State Street, and spent four years at Goldman Sachs.

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