US-based exchange Coinbase’s custody solutions have been granted approval from the New York State Department of Financial Services (DFS). Now, Coinbase has become a qualified custodian authorized to offer its custody solutions for “six of the largest virtual currencies: Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP, and Litecoin.”
Coinbase becomes an independent qualified crypto custodian
According to the press release by the New York State Department of Financial Services (DFS), Coinbase Custody Trust Company LLC, a wholly-owned subsidiary of Coinbase Global Inc. to operate as a limited purpose trust company.
Maria T. Vullo, Financial Services Superintendent announced that the company is now being approved to offer secure custody services for “six of the largest virtual currencies: Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP, and Litecoin.”
Superintendent Vullo shared:
“New York continues to be a leader in creating, fostering, and responsibly regulating a financial services marketplace that promotes innovation, safeguards the industry and protects consumers through strong supervision. Today’s 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.”
DFS has authorized Coinbase Custody Trust to operate as a custodian for these six virtual currencies that makes them a qualified custodian.