Amidst the uncertainty surrounding Bitcoin's fate on Wall Street, #Coinbase is making strategic changes in its leadership. Recent reports suggest that Aaron Schnarch, the CEO of Coinbase Custody, has stepped down, paving the way for Rick Schonberg to take the reins.
#Having led the company since June 2022, Schnarch's departure coincides with Coinbase's anticipation of potential approval for Bitcoin exchange-traded funds (ETFs). According to a Coinbase spokesperson, the company has diligently prepared for ETF approval, ensuring their systems are ready for increased trading volumes.
Coinbase Custody, acting as a trust company, holds the responsibility of safeguarding digital tokens for various asset managers. This role gains significance if the U.S. Securities and Exchange Commission (SEC) greenlights spot #BitcoinETFs! .
The leadership shuffle at Coinbase Custody aligns with broader industry movements. Barry Silbert's recent resignation from Grayscale's board of directors raises speculation about converting Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
The SEC, historically hesitant, faces renewed pressure with increased industry support and a recent court ruling. Heavyweights like BlackRock, Franklin Templeton, and Grayscale Investments, eyeing regulatory approval, intend to use Coinbase Custody for Bitcoin storage.
#Bloomberg ETF analyst Eric Balchunas predicts a positive decision around January 9, potentially triggering trading by January 11. This anticipation has propelled Bitcoin prices to a staggering 160% gain in 2023.
This leadership shift at Coinbase Custody hints at significant developments in the Bitcoin trading landscape.
