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
SLAs on Fund Transfers
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