The United States Department of Financial Services [DFS] announced on October 23 that the application of Coinbase, a leading cryptocurrency exchange, to form the Coinbase Custody Trust Company has been accepted.
Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], XRP, Ethereum Classic [ETC] and Litecoin [LTC] are the six cryptocurrencies that will fall under the Coinbase Custody Trust Company program. Commenting on this development, Maria T Vullo, Chief Financial Services Officer, said:
“New York City is committed to creating, fostering and responsibly creating a financial services market that fosters innovation, protects the industry and protects consumers with strong oversight. continues to be a leader in regulation. Today’s confirmation shows that the government regulatory system is the best arena for responsibly overseeing the growing fintech industry within a robust and coherent framework. ”
Even though XRP is still on the watch list, unlike the other five cryptocurrencies, it still cannot be traded on the Coinbase platform. Coinbase comes after other crypto custody platforms such as BitGo, which receives support from government agencies.
According to the news in AMBCYRPTO, this event was also appreciated by Asiff Hirji, General Operations Director of Coinbase and the long-term commitment of New York DFS. He added that the board of directors has been a shining example for a long time and will help spread the growth of the cryptocurrency industry.
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