đšđšBlackRock Pushes for Faster BTC Withdrawals Amid Investor Concerns: 12-Hour Limit Set for Coinbase Custodyđšđš
In response to mounting investor concerns, BlackRock, the worldâs largest asset manager, has taken steps to address issues surrounding Coinbaseâs Bitcoin custodial practices for its exchange-traded fund (ETF). According to a recent filing with the U.S. Securities and Exchange Commission on Sept. 16, BlackRock has introduced a new requirement for Bitcoin withdrawals to be processed within 12 hours by Coinbase, the custodian of the ETF.
This amendment follows increasing demands from investors for onchain proof of the Bitcoin purchased for spot ETFs. Coinbase, which handles custody for 10 of the 11 spot Bitcoin ETFs and eight of the nine recently approved Ethereum ETFs, has been under scrutiny for its onchain settlement process. With BlackRockâs new stipulation, the asset manager aims to enhance transparency and ensure timely access to funds, further solidifying investor confidence in the ETFâs security and efficiency.
#BinanceLaunchpoolHMSTR #CATIonBinance #BTCReboundsAfterFOMC #NeiroOnBinance #FOMC
