Rick Schonberg will succeed Aaron Schnarch as CEO of Coinbase Custody as the spot Bitcoin ETF race heats up.
The game of musical chairs preceding the decision on whether a spot Bitcoin (BTC) exchange-traded fund (ETF) will be allowed on Wall Street is ongoing, with Coinbase reportedly replacing the leadership of its custody business. According to Bloomberg, Aaron Schnarch recently resigned as the CEO of Coinbase Custody.
Schnarch had been leading the company since June 2022 but has now been succeeded by Rick Schonberg, a senior fintech executive working at Coinbase since 2021 as head of custody, foundations and trading, according to his LinkedIn profile. Goldman Sachs, State Street and JPMorgan Chase are among his previous employers.
“We have extensively prepared for ETF approval,” a Coinbase spokesperson told Bloomberg, adding that the company’s systems “have been designed and tested to handle added trading volume, increased liquidity and general increases in demand on our systems.”
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Source: https://cointelegraph.com/news/coinbase-custody-changes-leadership-bitcoin-etf-decision-report