(CTN News) – Coinbase, one of the leading cryptocurrency exchanges, has been actively preparing for the potential approval of Spot Bitcoin ETFs, according to a spokesperson.
Recognizing the potential surge in trading volume, liquidity, and demand that could accompany the introduction of Bitcoin ETFs, Coinbase has taken steps to ensure that its systems are capable of handling the increased activity.
In addition to technical preparations, Coinbase has also undergone a recent change in leadership. Aaron Schnarch, the former head of custody, has stepped down, and Rick Schonberg has taken over the role.
This change in leadership is significant as Coinbase Custody, which is regulated by the New York Department of Financial Services and audited by Deloitte & Touche, will play a crucial role in supporting potential spot Bitcoin ETF managers.
The delay in the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) has created anticipation in the crypto market, particularly for Bitcoin.
Many investors and industry participants are eagerly awaiting the approval of the first Spot Bitcoin ETFs, which is expected to happen in January 2024.
If approved, Coinbase is expected to be the top choice for custodians among Bitcoin ETF applicants. The exchange’s reputation, regulatory compliance, and robust custody services make it an attractive option for investment firms seeking to launch their approved ETFs.
Paul Grewal, Chief Legal Officer, has expressed confidence in the SEC’s eventual approval of Bitcoin ETFs.
Coinbase aims to position itself as a leading platform for investment firms looking to launch their approved ETFs, further solidifying its position as a key player in the cryptocurrency industry.