The post BlackRock Executive Confirms No Major Changes in ETF Crypto Custody with Coinbase appeared on BitcoinEthereumNews.com.

BlackRock Executive Confirms No Major Changes in ETF Crypto Custody with Coinbase BlackRock’s Head of Digital Assets, Robbie Mitchnick, stated in an interview with Bloomberg that there have been no significant changes to the company’s crypto custody arrangement with Coinbase in relation to its IBIT spot Bitcoin exchange-traded fund (ETF). While BlackRock recently amended its custody agreement, Mitchnick emphasized that these adjustments are procedural rather than indicative of any fundamental changes. The amended agreement now requires Coinbase Custody to process crypto withdrawals to a public blockchain address within 12 hours of receiving an instruction, ensuring more efficient asset management for the IBIT ETF. No Significant Changes in Custody, Despite Procedural Amendments BlackRock made slight adjustments to its custody agreement with Coinbase, one of the leading cryptocurrency custody providers in the industry. The most notable change involves the requirement for Coinbase Custody to facilitate the withdrawal of cryptocurrency assets to a public blockchain address within 12 hours of receiving a directive. This procedural enhancement ensures that the company maintains high standards of efficiency and security for its IBIT Bitcoin ETF. According to Robbie Mitchnick, these changes are part of routine updates rather than a shift in custody strategy, affirming that BlackRock continues to work closely with Coinbase to securely manage its Bitcoin assets. BlackRock’s IBIT Bitcoin ETF and Custody Partnership with Coinbase The IBIT spot Bitcoin ETF is one of BlackRock’s most closely watched products, offering institutional and retail investors exposure to Bitcoin through a regulated ETF structure. Coinbase Custody serves as the primary custodian for the ETF’s Bitcoin holdings, ensuring that assets are stored securely and processed efficiently when required. The recent amendment to the custody agreement highlights BlackRock’s commitment to maintaining robust asset management practices while collaborating with leading crypto infrastructure providers like Coinbase. Efficient Asset Management for Bitcoin…

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Filed under: News - @ September 25, 2024 2:28 am