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Coinbase gets approval from NYDFS to form Coinbase Custody Trust Company LLC

23 Oct, 2018
by David Borman
News
Coinbase gets approval from NYDFS to form Coinbase Custody Trust Company LLC

In a day filled with Coinbase news, the company also announced on its blog that it has received official liscensing from the New York Department of Financial Services in order to open new company Coinbase Custody Trust Company LLC. This independent entity will offer investors institutional grade custody solutions for many popular cryptos.

The blog announcement mirrors a press release that confirms:

"DFS AUTHORIZES COINBASE GLOBAL, INC. TO FORM COINBASE CUSTODY TRUST COMPANY LLC
DFS Also Approves Coinbase Trust to Offer Custody Services of Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin"

Yes, you read that right, in addition to many assets already listed on Coinbase, they have also been approved for custodial services of XRP. This point was not missed by twitter:

However some pointed out that being approved for custody services is not the same as offering them, much less listing the currency:

Of course, none of this has stopped the price from pumping based on the news. XRP is currently up 2.67% to $0.464 according to Coin Market Cap.

So to be clear, Coinbase has not announced that they are listing XRP, or even offering custodial services yet. It has however been granted liscense by the NYDFS to do so.

If anything changes, Chepicap will be here to keep you up to date!

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