Coinbase Custody Shuffles Leadership Amid Bitcoin ETF Race (1)

Coinbase Global Inc.’s head of custody has departed the firm and been replaced as the crypto company gears up to provide services for spot Bitcoin exchange-traded fund applicants.

Aaron Schnarch, chief executive officer of Coinbase Custody, left in recent weeks, a spokesperson confirmed. He was replaced in August by Rick Schonberg, according to the spokesperson. Schonberg has been with Coinbase since 2021 and previously worked at Goldman Sachs, State Street and Tagomi, according to his LinkedIn profile.

Coinbase is the most-popular choice for custodian among Bitcoin ETF applicants, including BlackRock, Franklin Templeton and Grayscale Investments, according to a tally ...