ChainCatcher reported that according to Cryptoslate, BlackRock has revised its custody agreement with Coinbase and updated the operating procedures of the iShares Bitcoin Trust ETF. According to a document submitted to the U.S. Securities and Exchange Commission (SEC) on September 16, the revision of the Coinbase Prime Broker agreement is aimed at improving the withdrawal process and changes in asset management during unsettled transactions.
These changes shorten the processing time for Coinbase Custody to process withdrawals from Vault balances to public blockchain addresses, even if the trade credits remain unsettled. The protocol also allows the Trust to withdraw Bitcoin from Vault balances or trade balances to public blockchain addresses, provided that the total account balance after the withdrawal is equal to the unsettled trade credits.
According to the SEC filing, the amendment updates Section 2.1 of the Custody Services Agreement. Subject to certain balance requirements, Coinbase Custody must now process a request to withdraw digital assets to a public blockchain address within 12 hours of receiving instructions from the trust or its authorized representative.
