New York regulators have given a green light to US-based cryptocurrency exchange Coinbase to establish a qualified digital assets custodial firm.

The New York Department of Financial Services (NYDFS) said in a press release on Tuesday that it had approved Coinbase’s application to create a wholly-owned subsidiary called Coinbase Custody Trust Company. The license will enable the firm to store Bitcoin (BTC), Bitcoin Cash (BTH), Ethereum (ETH), Ether Classic (ETC), Litecoin (LTC) and Ripple (XRP) on behalf of institutional investors.

Notably, Coinbase already allows customers to buy and sell all of these cryptocurrencies apart from XRP. The coin’s presence in the list of assets supported on the new custodial firm may indicate a potential listing on the exchange in the future.

“New York continues to be a leader in creating, fostering, and responsibly regulating a financial services marketp…

This article appeared first on Cryptovest

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