October 23 the Department of financial services of new York (NYDFS) issued a license for the provision of services for the storage of crypto-currencies the American stock exchange Coinbase. The company also announced the addition of token XRP in the custodian service.
Storage of cryptocurrency deals subsidiary exchanges – Coinbase Custody. The firm offers custody services for 6 digital asset: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Ethereum Classic (ETC) and Cash (BCH).
Through the license, Coinbase Custody in fact has become a cryptocurrency Bank. The company has the right to keep the financial assets of clients to minimize the risks of theft of virtual currencies. According to the staff of the exchange, Coinbase Custody stores digital assets in a secure cool crypto and guarantees the safety of savings.
President Coinbase Asif, Hirji praised the activities of the Department of financial services:
“NYDFS 2014 supports the development of kryptonyte. The license grants our company the status of a qualified cryptocurrency store and puts us on a par with traditional financial institutions.”
Employee NYDFS Maria Vullo believes that new York state is a leader in regulation of the financial services market. According to her, the work of the Ministry aimed at promoting innovation in the financial sector and consumer protection.
On the cryptocurrency market is experiencing increasing activity of institutional investors. That is why different companies are planning to launch a service for storing digital assets. In particular, this was stated by the firm BitGo, which received a license in September 2018.