Cryptocurrency exchange Coinbase has received a “green light” to carry out activities for custodial storage of cryptocurrencies on the territory of the state of new York, known for its strict requirements.
According to a statement released yesterday, a subsidiary of the stock exchange Coinbase Custody Trust Company LLC received a permit providing a wide range of custodial services for virtual currencies, including bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP) Litecoin (LTC).
Commenting on the event, President and COO Coinbase Asif, Hirji (Asiff Hirji) noted that “starting in 2014, the new York Department of financial services has established itself as an organization that strongly defends the need to support sustainable growth of the industry of cryptocurrency”.
“The regulations of the state of new York to trust companies with limited functions, which now allows Coinbase Custody to act as the qualified custodian of scriptaction builds upon our unprecedented successful experience in the field of storage of cryptocurrencies, at the same time keeping the company in accordance with strict fiduciary standards and oversight activities undertaken with respect to other well-established financial institutions in new York,” said, Hirji.
Recall, Coinbase launched its custodial service Coinbase Custody in July, focusing on institutional customers and developing solutions for storing large amounts of digital currency. The service, relying in part on the system is registered in the Commission on securities and exchange Commission (SEC) broker-dealer Electronic Transaction Clearing (ETC), which is a member of the American Services regulation the financial services industry (FINRA) uses a number of measures in the field of security and “safety audits and strict accountability cold storage”.
In August, the exchange announced plans for the integration on the platform Coinbase Custody 37 new assets, stressing that it is only storage, while listing assets on a platform of exchanges for trading is not considered.
