Coinbase Takes Over Servicing for 21Shares' Bitcoin ETP, Displaces Kingdom Trust

Coinbase Custody has replaced Kingdom Trust as the principal custodian for its Bitcoin ETP, just as it begins trading on Deutsche Boerse.

By Paddy Baker

Jul 1, 2020 at 2:20 p.m. UTC

Updated Sep 14, 2021 at 8:58 a.m. UTC

invest19 coinbase custody Sam McIngvale — Coinbase Custody CEO Sam McIngvale speaks at Invest: NYC 2019. (Zack Seward/CoinDesk)

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21Shares has replaced Kingdom Trust with Coinbase Custody as the main custodian for the assets underlying its bitcoin exchange-traded product (ETP.)

Announced Wednesday, Coinbase Custody will secure assets used in 21Shares' Bitcoin ETP in an offline storage solution.
South Dakota-regulated Kingdom Trust had custodied the Bitcoin ETP since its launch in February 2019.
21Shares' managing director Laurent Kssis told CoinDesk the firm plans to use Coinbase Custody for more ETPs, including some new ones, in the future.
Coinbase Custody has been used, alongside Kingdom Trust, as the custody solution for the Bitwise Index since June 2019.
CoinDesk has learned Coinbase, which is headquartered in San Francisco, may soon store other ETP assets that are currently in the vaults of Kingdom Trust.
"There are other ETP providers in the pipeline, but they are not public yet so I won’t be able to share at this time," said Jacelyn Sales, an external spokesperson for Coinbase Custody, to CoinDesk.
The Bitcoin ETP is traded on SIX Swiss Exchange and Boerse Stuttgart and, starting Thursday, Deutsche Boerse – Europe's third-largest stock exchange.

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