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Coinbase received permission to provide custodial services for cryptocurrency assets

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Coinbase, the leading US stock exchange, received approval from the New York State Financial Services Authority (NYDFS) to establish the Coinbase Custody Trust Company LLC custodial unit. The new organization will provide services for the qualified storage of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and XRP.

Noteworthy is the inclusion of XRP tokens in this list: rumors about their likely addition to Coinbase have been around for quite a long time, but officially neither the exchange nor the wallet support them.

Coinbase Chief Operating Officer and President Asiff Hirji spoke positively about the decision and called the NYDFS "a supporter of the responsible growth of the cryptocurrency industry."

“The charter of trusts with limited functions of the state of New York allows Coinbase Custody to act as a qualified custodian of cryptocurrency assets. At the same time, we are subject to the same requirements as the already established financial institutions of the state of New York, ”said Hirji.

Note that Coinbase is awaiting regulatory approvals of several more new services. So, in June, the exchange announced its intention to obtain a broker’s license, a license for alternative trading systems, and a license to provide financial advisor services.

Earlier, NYDFS was approved by BitGo and Prime Trust for the provision of cryptocurrency qualified storage services.

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