Coinbase Expands Custody Department
Coinbase has hired a new executive to lead its custody department, as the cryptocurrency exchange prepares to offer custody services to traditional financial institutions that have applied for spot bitcoin ETFs. Aaron Schnarch, the former CEO of Coinbase’s custody division, recently left the company but was replaced by Rick Schonberg in August. This move comes as major financial firms such as BlackRock and Franklin Templeton have enlisted Coinbase’s custodial services, pending approval of their funds. The entire crypto community is eagerly awaiting the decision on these new ETFs.
Former Goldman Sachs Executive Takes Charge
Aaron Schnarch previously held the role of vice president of product management, custody, and prime platform at Coinbase before becoming CEO of the Custody division. Rick Schonberg, his successor, brings extensive experience from his previous roles at LCH, State Street, and Goldman Sachs. You can find more information about Schonberg on his LinkedIn profile.
About the Author
MK Manoylov has been a reporter for The Block since 2020. With a focus on NFTs, metaverse, web3 gaming, funding, crime, hacks, and the crypto ecosystem, MK has written nearly 1,000 articles for the publication. Holding a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP), MK has also covered health topics for WebMD and Insider. Follow MK on X @MManoylov and on LinkedIn.
Hot Take: Coinbase Strengthens Custody Services Amid Growing Demand
Coinbase’s strategic move to hire a new executive for its custody department demonstrates its commitment to meeting the increasing demand for custodial services in the crypto industry. With major financial institutions like BlackRock and Franklin Templeton seeking Coinbase’s expertise, the exchange is positioning itself as a trusted custodian for traditional players entering the digital asset space. The approval of spot bitcoin ETFs would be a significant milestone for both Coinbase and the crypto community as a whole. As the industry eagerly awaits these developments, Coinbase’s expansion in its custody department sets the stage for potential growth and collaboration with traditional financial institutions.
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