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Coinbase Custody Gets a New CEO, Gearing Up for ETF Approval

Key Takeaways
  • Aaron Schnarch steps down, making way for Rick Schonberg, indicating a strategic shift in leadership.
  • With a robust finance background, Schonberg's appointment suggests Coinbase Custody's focus on experienced leadership.
  • Under Schonberg's helm, Coinbase Custody readies for ETF approval, aiming to handle increased demand while remaining a trusted custodian for digital assets amidst Bitcoin ETF anticipation.
30-Dec-2023 By: Sudeep Saxena
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Coinbase Custody Appointed Rick Schonberg as CEO

In the present scenario, all major exchanges are eyeing ETF approvals and planning for the future alongside ETF approvals. According to a Coinbase spokesperson, Coinbase Custody has also introduced some changes in its leadership.

Reportedly, Aaron Schnarch, CEO of Coinbase Custody since June 2022, has resigned from his position. Coinbase Custody announced the appointment of Rick Schonberg as the new CEO in place of Aaron Schnarch.

Recently, Grayscale Chairman has also resigned from their position, and all is well when the Bitcoin ETF approval decision is on its way.

Who is Rick Schonberg, the trusted choice of Coinbase Custody?

Schnarch had served as the CEO of Coinbase Custody since June 2022, but now Fintech Executive Rick Schonberg has taken over this position.

Rick Schonberg has previously worked for four years at Goldman Sachs and served as the Global Head of Product Development for the British clearing house group LCH, along with a senior manager role at the financial services firm State Street.

Notably, Schonberg also possesses 20 years of experience in electronic trading on Wall Street, which might have contributed to his appointment as the CEO of Coinbase Custody. Coinbase Custody's leadership change suggests a focus on further development in the future.

Coinbase Custody preparing for ETF Approval

Under Rick Schonberg's leadership, Coinbase Custody is gearing up for ETF approval. Additionally, it's highlighted that their systems are ready to handle increased trading quantities and demand. Moreover, Coinbase Custody, overseen by the New York Financial Services Department, is also prepared to secure digital tokens for asset managers. 

The market anticipates a decision on Bitcoin ETF approval from the SEC on January 9, 2024. Alongside Coinbase Custody, entities like BlackRock, Franklin Templeton, and Grayscale Investments are also eagerly awaiting Bitcoin ETF approval as they plan to use Coinbase Custody for storing Bitcoin, potentially leading to increased investments and more future prospects for Coinbase Custody.

Understanding Coinbase Custody's Leadership Change

Coinbase Custody operates as a trust company, serving as the legal guardian of assets and ensuring their management and distribution align with their owners or legal requirements. The company operates under the supervision of the New York Financial Services Department and undergoes auditing by Deloitte & Touche.

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