Coinbase hired a new executive to lead its custody department earlier this year, as the cryptocurrency exchange looks to provide custody services to traditional financial institutions that have applied for spot Bitcoin ETFs.
Coinbase’s former CEO of custody, Aaron Schnarch, left the company in recent weeks, but was replaced as head of custody services by Rick Schonberg in August, according to a Coinbase spokesperson.
The move comes as major financial firms such as BlackRock, Franklin Templeton and Grayscale Investments have instructed Coinbase to provide custodial services if the funds are approved. The entire cryptocurrency world is anxiously waiting to see if a new ETF will be approved.
Formerly at Goldman Sachs
Prior to taking on the role of CEO of Coinbase Custody, Schnarch served as the company’s Vice President of Product Management, Custody and Prime Platforms.
According to his LinkedIn profile, Schonberg previously served as head of global product development at British clearinghouse group LCH and senior managing director at financial services firm State Street, and spent four years at Goldman Sachs.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.