Some time ago, CoinBase, one of the most popular cryptocurrency exchanges in the world, announced that it would be offering custody services that will entice institutional investors. Yesterday, CoinBase got the approval it needed from the New York State Department of Financial Services to serve as a qualified custodian. The approval covers six of the major cryptocurrencies in the world: BTC, BCH, ETH, ETC, LTC and XRP.
The announcement was made in a press release by the DFS and it stated that Coinbase Custody Trust Company, a subsidiary of the cryptocurrency exchange, CoinBase, now has the right to operate as a limited purpose trust company. The company was granted approval to offer secure custody services for the cryptocurrencies listed above. The statement by Superintendent of the DFS, Maria T. Vullo was as follows:
“New York is still the leading promoter of financial services. Within it, innovation is born. Granting Coinbase our approval goes further to show that our regulatory system is still the best in the United States. We are equipped to supervise the ever growing fintech industry within a compliant framework”.