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Coinbase Custody Trust Company, operating as a separate standalone entity to Coinbase Inc, has received the necessary approval from the New York Department of Financial Services "NYDFS" to operate as a qualified custodian. Coinbase joins the ranks of Gemini, Paxos, and BitGo in securing the designation.
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Notably, Coinbase got permission to custody XRP, the token affiliated with Ripple, according to the announcement. XRP does not trade on Coinbase and some market participants have questioned whether it is a security or not.
https://theblockcrypto.com/tiny/coinbase-snags-license-to-operate-as-a-qualified-custodian/
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