Coinbase's acquisition of KeyStone Capital will clear the path for to operate as a regulated broker-dealer, with the potential to offer security tokens down the road. The acquisition also coincides with a push by Coinbase to expand its professional trading platform, which it recently rebranded as Coinbase Prime, and to offer financial custodial services for institutions.
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Coinbase acquires broker-dealer in push to sell securities
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Coinbase would not be the first cryptocurrency service to enjoy broker-dealer status. Genesis Global Trading, a subsidiary of crypto baron Barry Silbert’s Digital Currency Group, has had the status since 2015. The Wall Street Journal reported that Coinbase was seeking broker-dealer status in April. Both Coinbase and Boston-based Circle are also reported seeking federal banking charters.
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