ADVERTISEMENT

‎‎‎ ‏‏‎

New York’s Department of Financial Services has granted its seal of approval for Coinbase to offer crypto custody services of XRP, Bitcoin, Litecoin, Bitcoin Cash, Ethereum and Ethereum Classic.

According to a new release from the department,

“…New York State Department of Financial Services (DFS) has approved the application of Coinbase Custody Trust Company LLC, a wholly-owned subsidiary of Coinbase Global, Inc., to operate as a limited purpose trust company.

Coinbase Inc. has held Money Transmitter and Virtual Currency licenses from DFS since January 2017. DFS has also approved Coinbase Trust to offer secure custody services for six of the largest virtual currencies: Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin.”

The DFS is notorious for its strict approval process for companies looking to offer crypto services in the state.

ADVERTISEMENT

The news is especially noteworthy for XRP, which is the only coin on the list that Coinbase does not offer for buying, selling and trading on its crypto exchange.

In August, Coinbase announced it is exploring the addition of 37 cryptocurrencies to Crypto Custody, which is designed to give institutional investors a secure way to store large amounts of cryptocurrency.

The new platform is part of a master plan at Coinbase to launch four crypto products that bring Wall Street investors with serious cash into the cryptocurrency market.