Coinbase Approved to Offer Crypto Custody Services in New York

Coinbase has received approval from New York regulators to structure a certified custodial firm for cryptocurrencies.

The New York Department of Financial Services (NYDFS) said Tuesday that it granted Coinbase's utility to create the Coinbase Custody Trust Company LLC, as nicely as approving the Coinbase Trust to provide custody offerings for bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin and XRP.

Notably, whilst Coinbase already lets in customers to buy, promote or trade the first 5 of these cryptocurrencies, it does not currently offer XRP on any of its trading platforms.

In a statement, Coinbase COO and president Asiff Hirji praised the move, noting that the NYDFS has been "a strong advocate" for the "responsible increase of the cryptocurrency industry."

He added:

"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 retaining the organization to the identical exacting fiduciary standards and oversight of other, mature economic establishments working in New York."

The news comes as a wide variety of other cryptocurrency startups gain regulatory approval to offer custody services, inclusive of BitGo, Northern Trust and Prime Trust, amongst others.

Coinbase has been searching for regulatory approval for a number of other merchandise as well. In June, the company announced it used to be looking for a broker-dealer license, an alternative trading machine license and a registered funding marketing consultant license via the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Should the alternate get hold of approval for these licenses, it will be cleared to provide blockchain-based securities products, Hirji said at the time.
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