BlackRock revises Coinbase custody agreement to optimize withdrawal process and improve asset management during unsettled trades

ChainCatcher news, according to Cryptoslate, BlackRock has revised its custody agreement with Coinbase, updating the operational procedures for the iShares Bitcoin Trust ETF. According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on September 16, the revision to the Coinbase Prime Broker agreement aims to improve the withdrawal process and changes in asset management during unsettled transactions.

These modifications have shortened the processing time for Coinbase Custody when handling withdrawals from Vault balances to public blockchain addresses, even though transaction credits remain unsettled. The agreement also allows the trust to withdraw Bitcoin from Vault balances or trading balances to public blockchain addresses, provided that the total balance in the account after the withdrawal equals the amount of unsettled transaction credits.

According to the filing with the SEC, the revision updated Section 2.1 of the custody service agreement. Based on specific balance requirements, Coinbase Custody must now process requests to withdraw digital assets to public blockchain addresses within 12 hours of receiving instructions from the trust or its authorized representative.