On June 6th, US-based cryptocurrency exchange platform Coinbase announced the acquisition of Keystone Capital, a California-based securities dealer. This step is an effort to enable tokenized securities trading on Coinbase through the acquisition of a broker-dealer license that Keystone holds.
Additionally, it may also help Coinbase in expanding their offerings and make their way into non-crypto financial products. Keystone being a registered broker-dealer also has licenses to run an alternative trading system or ATS. These licenses could open up business opportunities for Coinbase but requires regulatory approval to run under them.
In a statement, Asiff Hirji, the President and Chief Operating Officer of Coinbase said:
“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),”
However, the terms of this deal were not disclosed.
Paul McNeal, a crypto evangelist, and aficionado tweeted:
“The news is breaking faster than I can read! wow…”
Kevin Kamau, a crypto enthusiast commented:
@BankToTheFuture has already engaged Keystone Capital Corporation as their placement agent for US investors. This is a great win for Coinbase, Bnk To The Future and most importantly investors.”
Chris Corica, another Twitter user commented:
“Can’t stop evolution. The biggest story of 2018 is being written before our eyes.”
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