Coinbase Approved to Offer Crypto Custody Services in New York

Coinbase has received approval from New York regulators to form a qualified custodial firm for cryptocurrencies.

The New York Department of Financial Services (NYDFS) said Tuesday that it granted Coinbase’s application to create the Coinbase Custody Trust Company LLC, as well as approving the Coinbase Trust to offer custody services for bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin and XRP.

Notably, while Coinbase already allows customers to buy, sell or trade the first five of those cryptocurrencies, it does not currently offer XRP on any of its trading platforms.

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