US-based digital asset exchange Coinbase has received approval from local financial regulators for three acquisitions in a move that will provide Coinbase licenses to offer crypto securities trading, Bloomberg reported on Monday quoting an unnamed company spokesman.
On June 7, Coinbase announced the purchase of digital securities dealer Keystone Capital, broker-dealer Venovate Marketplace and investment advisor firm Digital Wealth - a move which would allow the exchange to offer crypto securities, margin and over-the-counter (OTC) trading, and new market data services.
Now that Coinbase has reportedly received an approval from the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to acquire the three US-based companies, it will be able to engage with virtual tokens deemed as securities and go beyond plain cryptocurrencies.
Currently, San Francisco-headquartered Coinbase offers trading with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC), but it seems to be keen on expanding its portfolio. On Friday, the crypto marketplace revealed it is interested in adding five more virtual coins: Cardano (ADA), Basic Attention Token (BAT (LON:BATS)), Stellar (XLM), Zcash (ZEC), and Ox (ZRX). It noted though it is still analyzing if and in which countries these digital assets can be considered as securities.
When Coinbase will start operating as a registered securities dealer, was not revealed, but the anonymous spokesman said the exchange first needs to integrate its technologies into its new affiliates. In other words, Coinbase will examine how the subsidiaries report data and onboard customers, as well as whether employees have the necessary licenses, Bloomberg wrote.
Another crypto platform, Circle, has also voiced intentions to expand into the securities market. The Goldman Sachs-backed exchange is seeking to get an approval from the SEC to offer trading with security tokens, CEO Jeremy Allaire said in an interview for Bloomberg on June 6.
This article appeared first on Cryptovest
