The Coinbase exchange has received approval from New York regulators to form a qualified custodial firm for cryptocurrencies.

The New York Department of Financial Services said Tuesday it granted Coinbase’s application to create the Coinbase Custody Trust Company LLC, as well as approving the Coinbase Trust to offer custody services for bitcoin (BTC), ether (ETH) and four other digital currencies.

In a statement, Coinbase COO and President Asiff Hirji praised the regulator, saying the department has been “a strong advocate” for the “responsible growth of the cryptocurrency industry.” Read more here.

ThirtyK Staff
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