DFS approves Coinbase’s application to Offer Crypto Custody Services in New York
Coinbase, a San Francisco based digital currency exchange got its application for a wholly owned subsidiary called Coinbase Global Inc. approved to provide its services as a limited trust company.
On Tuesday, 22nd October, Maria Vullo a Financial Services Superintendent made an announcement that the New York State Department of Financial Services (DFS) had approved the exchanges above application. The DFS also approved the company’s request to offer custody services for six of the largest cryptocurrencies through its subsidiary.
The 6 cryptocurrencies are Bitcoin(BTC), Bitcoin Cash(BCC), Ethereum(ETH), Ethereum Classic(ETC), Ripple(XRP) and Litecoin(LTC). The DFS has already granted the company Transmitter and Virtual Currency licenses back in January 2017.
Asiff Hirji, the President and COO of Coinbase stated that the New York Department of Financial Services has always proven to the cryptocurrency industry as a strong advocate for its growth.