San Francisco-based cryptocurrency giant Coinbase has obtained a license under New York state banking law for its digital asset custody business, Coinbase Custody, a major step for the company’s US-based operations.
Today, we’re proud to announce that Coinbase Custody has obtained a license under New York State Banking Law to operate as an independent Qualified Custodian. https://t.co/6uGZG0UzvF
— Coinbase (@coinbase) October 23, 2018
According to the press release, the DFS has given Coinbase Custody full approval to offer custody services for Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, Litecoin and perhaps most notably, XRP, which is the only asset from the list not currently available for trading across Coinbase’s various platforms.
With this approval, Coinbase Custody Trust Company will operate as a standalone, independently-capitalized business after meeting the state’s high standards for capitalization, anti-money laundering procedures, confidentiality, security and storage.
New York continues to separate itself among the US states in regards to getting in front of the coming digital economy.
“New York continues to be a leader in creating, fostering, and responsibly regulating a financial services marketplace that promotes innovation, safeguards the industry and protects consumers through strong supervision. Today’s approval further demonstrates that the state regulatory system is the best arena in which to responsibly supervise the growing fintech industry within a sound and compliant framework,” said NY Financial Services Superintendent Maria T. Vullo.
More: DFS Also Approves Coinbase Trust to Offer Custody Services of Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.