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Coinbase Custody receives a license from New York regulator to offer crypto custody services

On October 23, a crypto company Coinbase announced that Coinbase Custody had obtained a license under New York State Banking Law to operate as an independent Qualified Custodian. Coinbase Custody will operate as a Limited Purpose Trust Company chartered by the New York Department of Financial Services (NYDFS).

Coinbase Custody is an institutional-grade service optimized for storing large amounts of cryptocurrency in a highly secure way.

According to the announcement, Coinbase Custody Trust Company will operate as a standalone, independently-capitalized business to Coinbase Inc. and will be held to the same compliance, security and capital requirements as traditional fiduciary custodial businesses.

All assets trusted to Coinbase Custody are stored offline and protected by industry-leading security practices and insurance.