New York regulator greenlights Coinbase crypto custody service

Posted 24 October, 2018

US-based crypto exchange Coinbase gets greenlight for custodial business to deal with digital coins.

According to the report of the New York Department of Financial Services (NYDFS) made Tuesday, Coinbase was approved to set up Coinbase Custody Trust Company LLC. Moreover, Coinbase Trust is now allowed to offer storage services of bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, XRP and Litecoin.

"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," posted the company in the social network.

It is worth mentioning that XRP is said to be supported by the new firm, though this coin has been expected for listing on Coinbase platform for a long period of time. However, neither exchange nor wallet officially supports XRP now.

The company COO Asiff Hirji is glad for such development stating:

"The New York State Limited Purpose Trust charter, which now enables Coinbase Custody to act as a Qualified Custodian for crypto assets, builds on our unparalleled success as a crypto custodian while holding the company to the same exacting fiduciary standards and oversight of other, mature financial institutions operating in New York." 

With this license, Coinbase services are believed to get an important regulatory clarity that will allow the platform "to compliantly store more assets and add new features".

Coinbase is also waiting for the approval of its other products, including the broker-dealer license, alternative trading system and registered investment advisor license. The corresponding applications were submitted to the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Previous story

24 October, 2018 13:57

← SEC can change ETF-fund game on and on, VanEck points out

The US Securities and Exchange Commission has released the memorandum of the meeting with representatives of SolidX, VanEck, and CBOE regarding ETF-fund. During the meeting held on October 9, VanEck submitted all required documents that may dispel SEC doubts that prevented it from granting the ETF license. The regulator postponed consideration of VanEck's application this summer. The company listed five factors which may prove that they are ready for the ETF. It is worth mentioning that SEC commissioner mentioned during the recent media interview that SEC has not determined clear stance towards this product.

SEC can change ETF-fund game on and on, VanEck points out

Next story

24 October, 2018 11:19

US dollar posts modest upturn during Asian trading →

The US dollar shows moderate strengthening at Asian trading in the midweek. At the same time, the Japanese currency loses grounds, as risk assets regain demand. The US Dollar index was recorded at 95.94. The euro-to-US dollar exchange rate decreased to $1.1434, while yesterday's session was closed at $1.1471. However, the euro had been stronger vs the yen reaching 129 but then weakened to some 128.66. The US dollar-to-yen rate stands at 112.54 (112.44 yesterday). The market also keeps track of sterling, especially given the planned speech of Theresa May to the Conservative party. The Japanese currency gained 0.3% vs the euro and US dollar benefiting from stronger demand for protective assets fueled by stock index plunge. According to the released data, US indexes dropped by 0.4-0.5%, European and Asian ones – more than 1% down and 2% respectively.

US dollar posts modest upturn during Asian trading
Write a comment
Prove you’re not a bot + 11 = 21