Coinbase crypto exchange is in the spotlight this week with some pretty great announcements.
Coinbase Custody is operating as an independent Qualified Custodian
Now, Coinbase announced on its Medium blog that “Coinbase Custody had obtained a license under New York State Banking Law to operate as an independent Qualified Custodian,” and that “Coinbase Custody will operate as a Limited Purpose Trust Company chartered by the New York Department of Financial Services (NYDFS).”
Coinbase Custody offers an institutional-grade service for storing massive amounts of crypto securely. The main features of the platform are the following:
- Segregated Cold Storage
- Financial & Security Controls
- Dedicated Coverage
- SLAs on Fund Transfers
- Insurance
- Multi-User Accounts (Coming Soon)
- Support for five digital asset types Bitcoin, Bitcoin Cash, Ether, Ether Classic, and Litecoin. (Support for ERC-20 tokens also coming soon)
Coinbase said that Coinbase Custody Trust will operate as a standalone company and it met the rigorous banking standards of NYDFS in terms of capitalization, anti-money laundering storage, security, and confidentiality.
Another key step in the maturation of the asset class. Coinbase Custody now Qualified Custodian and fiduciary through NY State Trust Charter. Same rigorous standards as some of the largest financial institutions in the country https://t.co/Eg7zauTeku
— Asiff Hirji (@AsiffHirji) October 23, 2018
Coinbase Custody provides secure custody services for XRP and more coins
NYDFS issued a press release and it explained that they approved the application of Coinbase Custody Trust Company LLC to operate as a limited purpiose trust company.
The NYDFS had approved “Coinbase [Custody] Trust to offer secure custody services for six of the largest virtual currencies: Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin.”
XRP enthusiasts are waiting for the next step to see Ripple’s digital asset listed on Coinbase.com as well.
Coinbase is now a Qualified Custodian. This is the second custody provider to achieve QC status.
The excuses for institutions to continue avoiding this asset class are disappearing.
They must #GetOffZero.
— Anthony Pompliano 🌪 (@APompliano) October 23, 2018
Coinbase and Circle launch USDC stablecoin
Speaking of Coinbase.com, the crypto space receives more validation from this important giant in the industry.
Coinbase has provided an enormous stamp of approval to a recently launched USD-pegged stablecoin that’s set to supplant Tether (USDT) as the leading in this niche.
From now on, customers are able to buy, send, and receive USD Coin, the crypto initially launched by Circle.
