Bitcoin (BTC)

Coinbase Custody Chef verl√§sst das Unternehmen – Neue Strategie f√ľr Spot-Bitcoin ETF Antragsteller.

Coinbase Custody’s Head Departure and Replacement

Coinbase Global Inc.’s head of custody, Aaron Schnarch, has recently departed the firm and has been replaced by Rick Schonberg. Schonberg, who joined Coinbase in 2021, has previously worked at Goldman Sachs, State Street, and Tagomi. His appointment comes as Coinbase prepares to provide services for spot Bitcoin exchange-traded fund (ETF) applicants.

Importance of Custody Services for ETF Applicants

Coinbase has been identified as the most popular choice for custodian among Bitcoin ETF applicants, including prominent names such as BlackRock, Franklin Templeton, and Grayscale Investments. This is significant as custody services play a vital role in safeguarding the tokens and will be an essential part of operations for potential spot-Bitcoin ETF managers.

Company Preparedness for ETF Approval

According to a Coinbase spokesperson, the company has extensively prepared for ETF approval. They have designed and tested their systems to handle added trading volume, increased liquidity, and general increases in demand on their platforms. Additionally, as a trust company regulated by the New York Department of Financial Services and audited by Deloitte & Touche, Coinbase Custody is well-positioned to provide the necessary services for ETF applicants.

US Regulatory Landscape for Bitcoin ETFs

The race to secure US regulatory approval for the first ETF to invest directly in Bitcoin is reaching a critical point. The US Securities and Exchange Commission faces a Jan. 10 deadline to decide on the approval of a spot Bitcoin ETF application filed by Cathie Wood’s ARK Investment Management LLC and 21Shares, among potentially other similar filings.

Stock Performance of Coinbase

Coinbase’s stock has seen significant growth amid this year’s rebound in the crypto market, surging almost 400% so far in 2023. However, at the time of writing, the shares were down 6% at $175.29 as of 1:53 p.m. New York time.

Frequently Asked Questions

What is the significance of Coinbase Custody’s head departure and replacement?

The departure of Aaron Schnarch and the appointment of Rick Schonberg come at a crucial time as Coinbase prepares to provide services for spot Bitcoin exchange-traded fund (ETF) applicants.

Why is custody services important for Bitcoin ETF applicants?

Custody services are crucial as they play a vital role in safeguarding the tokens and are an essential part of operations for potential spot-Bitcoin ETF managers.

What is the current regulatory landscape for Bitcoin ETFs in the US?

The US Securities and Exchange Commission faces a Jan. 10 deadline to decide on the approval of a spot Bitcoin ETF application, which could have significant implications for the cryptocurrency market.

How has Coinbase’s stock performed amid the recent developments?

Coinbase’s stock has seen significant growth amid this year’s rebound in the crypto market, surging almost 400% so far in 2023. However, at the time of writing, the shares were down 6% at $175.29.

©2023 Bloomberg L.P.

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