Rick Schonberg will succeed Aaron Schnarch as CEO of Coinbase Custody as the Bitcoin ETF race heats up.
The musical chairs preceding the decision on whether Bitcoin (BTC) spot trading will be allowed on Wall Street are ongoing, as Coinbase reportedly replaced its custody leadership. According to Bloomberg, Aaron Schnarch recently resigned as the chief executive officer of Coinbase Custody.
Schnarch has been leading the company since June 2022 and will now be succeeded by Rick Schonberg, a senior fintech executive working at Coinbase since 2021 as head of custody, foundations and trading, as per his LinkedIn profile. Goldman Sachs, State Street and JPMorgan are among his previous employees.
“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.”
