Bitcoin, Ethereum, Bitcoin Cash, XRP & Litecoin to be listed on the newly approved Coinbase Custody
On October 23rd, New York State Department of Financial service (DFS) approved Coinbase Custody Trust company LLC, a wholly owned subsidiary of Coinbase Global. The newly launched trust company will be operated as a limited purpose trust company.
DFS has approved the Coinbase trust to offer secure custody service to six of the top cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash and Ethereum Classic.
“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,” said Superintendent Vullo in the official public annoucement of the approval of Trust. “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.”
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
Coinbase Custody is an institutional-grade service optimized for storing large amounts of cryptocurrency in a highly secure way. This will allow Institutional investors securely trust Coinbase for cryptocurrency holding as by obtaining a license Coinbase has passed the rigorous security and anti-money laundering regulations testing.
Coinbase Custody Trust Company will operate as a standalone, independently-capitalized business to Coinbase Inc.
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