U.S. cryptocurrency exchange Coinbase said Thursday it is buying securities dealer Keystone Capital in a bid to become a fully SEC-regulated broker-dealer. Deal terms were not disclosed.
If approved, Coinbase will “soon be capable of offering blockchain-based securities under the oversight of the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority,” or Finra, Coinbase President and Chief Operating Officer Asiff Hirji said in a statement quoted by CNBC. “This step forward is being made possible by our acquisition of a broker-dealer license.”
The San Francisco-based firm is best known for its trading platform, which offers four cryptocurrencies. Buying Keystone could help Coinbase expand its offerings to include non-crypto financial products. Read more here.