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Laxman Pai, Opalesque Asia: Coinbase has received approval from New York Department of Financial Services (DFS) to form a qualified custodial firm for cryptocurrencies.
According to a release from DFS , the regulator has officially signed off on an application for the Coinbase Custody Trust Company, a subsidiary of Coinbase Global, Inc.
With the approval, Coinbase is now authorized to provide custody services in the state of New York for bitcoin, ethereum, bitcoin cash, litecoin, ethereum classic and XRP, the last of which is the only cryptocurrency not yet listed on Coinbase's platforms.
Financial Services Superintendent Maria T. Vullo said: "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."
The release said that DFS has rapidly responded to innovations by licensing technology based money transmitters under New York's money transmitter law; online lenders under New York's banking law; and virtual currency exchanges under New York's financial services law.
To date, DFS has approved eleven charters or licenses for companies in the virtual currency marketplace. DFS issued a virtual currency and money transmitter license to Coinbase, Inc. in January 2017 to offer services for buying, selling, sending, receiving, and storing virtual currency.
"Today, DFS authorized Coinbase Custody...................... To view our full article Click here
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