Coinbase Acquires Financial Services Firm, Plans To Become SEC-Regulated Broker Dealer

Zero Hedge | 6/7/2018 | Staff
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Leading US cryptocurrency trading platform Coinbase initiated the process to become a fully regulated broker dealer by the US Securities and Exchange Commission (SEC). According to an announcement published June 6, this is made possible by the acquisition of securities dealer Keystone Capital Corp. in addition to Venovate Marketplace, Inc., and Digital Wealth LLC.

The acquisition could help the San Francisco-based exchange extend its offerings and subsequently expand into non-crypto financial products. In the announcement, the company said it’s looking to “work with regulators to tokenize existing types of securities,” which the exchange believes will “democratize access to capital markets” for companies and investors in the industry. Asiff Hirji, President and Chief Operating Officer of the exchange, said:

Coinbase - Securities - Oversight - US - Securities

"If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This step forward is being made possible by our acquisition of a broker-dealer license."

Coinbase, which has reportedly traded $150 bln in assets with over 20 mln customers, announced it is “on track” to listing SEC-regulated crypto securities:

Move - Coinbase - Platforms - Securities - Purview

With this move, Coinbase joins other platforms that are looking to trade blockchain-based securities under the regulatory purview of the SEC. Pennsylvania-Based Susquehanna recently amended their...
(Excerpt) Read more at: Zero Hedge
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