Coinbase Received Permission to Provide Custodial Services for Cryptocurrency Assets

 

Coinbase, the leading US Crypto stock exchange, received approval from the New York State Department of Financial Services (NYDFS) to establish the Coinbase Custody Trust Company LLC custodial unit. The new organization will provide services for the qualified storage of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and XRP.

The most important is the inclusion of XRP tokens in this list: rumors about their likely addition to Coinbase have been around for quite a long time, but officially neither the exchange nor the wallet supports them.

Coinbase Chief Operating Officer and President Asiff Hirji spoke positively about the decision and called the NYDFS “an advocate for the critical growth of the cryptocurrency industry”.

“Another key step in the maturation of the asset class. Coinbase Custody now Qualified Custodian and fiduciary through NY State Trust Charter. Same rigorous standards as some of the largest financial institutions in the country” said Hirji on his Twitter.

Note that Coinbase is awaiting regulatory approvals of several more new services. So, in June, the exchange announced its intention to obtain a broker’s license, a license for alternative trading systems, and a license to provide financial advisory services.

Earlier, NYDFS approved BitGo and the Prime Trust for providing qualified cryptocurrency storage services.

Representatives of the Californian cryptocurrency startup BitGo in September announced that they have received a work permit as an institutional asset custodian oriented on institutional clients in the United States.

American financial company Prime Trust, which is associated with several USD-linked digital currencies, announced through CoinDesk that they have entered the market for cryptocurrency custodial services in August this year.