Coinbase hired Rick Schonberg as its new head of custody in August. Because it is expected to provide custody services to traditional financial institutions applying for spot Bitcoin ETFs.
Former Coinbase custody division CEO Aaron Schnarch left the company in recent weeks, but he was replaced in August by Rick Schonberg as head of custody services, according to a Coinbase spokesperson.
The move comes as major financial firms such as BlackRock, Franklin Templeton and Grayscale Investments have entrusted Coinbase with custody services in the event their funds are approved. The cryptocurrency industry as a whole is anxiously waiting to see if the new ETF will be approved.