Digital currency exchange Coinbase has just received approval to offer trading of litecoin and ether in New York state.
As a result, the startup has become the first business to provide litecoin trading to customers in New York and just the second to offer ether trading. Almost a year ago, Gemini Trust Company, a digital asset exchange run by Cameron and Tyler Winklevoss, became the first company to provide trading of the ethereum token in the state.
Maria Vullo, superintendent of the state's Department of Financial Services (DFS), announced the approval of Coinbase's application to offer ether and litecoin trading yesterday, emphasizing that the department only approved applications for virtual currency charters following painstaking review.
In her statement, Vullo espoused her beliefs surrounding the key role of the state regulatory system, stating:
"DFS has proven that the state regulatory system is the best way to supervise and cultivate a thriving fintech industry, like virtual currency. New York will remain steadfast in pushing back against federal encroachment efforts like the OCC's proposal to impose a one-size-fits-all national bank charter that increases risk and seeks to usurp state sovereignty."
Brian Armstrong, co-founder and CEO of Coinbase, also spoke out on the government decision, emphasizing his exchange's devotion to high security standards and speaking to the key nature of the New York market.
"At Coinbase, our first priority is to ensure that we operate the most secure and compliant digital currency exchange in the world," Armstrong said. "New York is an important market and we look forward to expanding our services for New York customers as swiftly as possible."
New York image via Shutterstock