According to CoinDesk reports, the US leading encryption Exchange Coinbase New York has received regulatory approval agencies became Cryptocurrency qualified to host company.
New York Financial Services (NYDFS) said on Tuesday that it had decided to grant Coinbase an application to create Coinbase Trust Trust Company LLC and agreed to provide hosting services for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and Ripple.
It’s worth noting that while Coinbase has allowed customers to buy, sell or trade most of their licensed cryptocurrencies, it does not currently offer Ripple services on any of its trading platforms.
In a statement, Coinbase Chief Operating Officer and President Asiff Hirji praised the move and noted that NYDFS has been a “strong supporter” of “good growth in the cryptocurrency industry.”
“The New York State Company Trust Charter enables Coinbase Trust to become a Qualified Trustee of Encrypted Assets, building on our tremendous success as a crypto custodian, and this advancement also urges companies to comply with the same rigorous trust standards and oversee Other financial institutions operating in New York.”
According to reports, prior to Coinbase, a number of cryptocurrency startups were approved by regulatory agencies to provide hosting services, including BitGo, Northern Trust and Prime Trust.
Coinbase has also been seeking regulatory approval for many other products. In June, the company announced that it is applying for a broker-dealer license through the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to replace the trading system license and the registered investment advisor license.
If Coinbase able to obtain the green light of these licenses, which would mean Coinbase able to legally-based blockchain security products, Hirji representation.
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