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.