DFS has approved Coinbase Trust to offer custody services of BTC, BCH, ETH, ETC, XRP and LTC. Interestingly, there is no mention of ZRX that was recently added on Coinbase. There is no word if it will be including other coins/tokens that are supposed to make their way to Coinbase Pro and Coinbase.com (and their blue applications). This includes Zcash (ZEC), Cardano (ADA) and Stellar Lumens (XLM).
DFS authorized Coinbase Custody Trust to offer narrow services to operate as a custodian for virtual currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin.
Till date, the DFS has approved 11 charters/licenses for companies in cryptocurrency marketplace. This license was given to Coinbase Inc back in January 2017 that allowed the company to buy / sell / send / receive cryptocurrencies.
Asiff Hirji, President and COO of Coinbase said,
Since 2014, the New York Department of Financial Services has proven itself to be a strong advocate in its support for the responsible growth of the cryptocurrency industry.
The New York State Limited Purpose Trust charter, which now enables Coinbase Custody to act as a Qualified Custodian for crypto assets, builds on our unparalleled success as a crypto custodian while holding the company to the same exacting fiduciary standards and oversight of other, mature financial institutions operating in New York.
We applaud the leadership Superintendent Vullo has shown to guide the responsible growth of the cryptocurrency ecosystem and look forward to working with their offices in the future.
October 24, 2018
| Ripple News