BY CNA team - October 24, 2018
New York approves Coinbase’s crypto custody service
New York has approved San Francisco-based crypto exchange Coinbase’s application to set up a custody service in the state.
The state’s financial services superintendent Maria Vullo says in an Oct 23 press release that the New York State Department of Financial Services (NYDFS) has approved the application for the setting up of Coinbase Custody Trust Co, a wholly owned unit of Coinbase.
Coinbase has held money transmitter and virtual currency licenses from the NYDFS since January 2017.
The custody service is approved for bitcoin, bitcoin cash, ethereum, ether classic, XRP and litecoin.
Vullo says the “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”.
To-date, NYDFS has approved eleven charters or licenses for companies in the virtual currency marketplace.