Coinbase Has Now Got Bitlicense From The State Of New York!

in #news5 years ago

I got this email and perhaps this is good news for cryptocurrency, blockchain in general and perhaps steem. Well, it said of coinbase having obtained the Bitlicense from the New York. There must have been solid reason for getting this license thus, that makes this goodnews for coin base. 

The email received had the tone of goodnews As they see this license as validation to continue on their vision of operating digital currency exchange on the long term. 

Support from government is seen as essential in longevity of any cryptocurrency. Just perhaps!


image source/credit to: 1


The state of New York invented the BitLicense regulatory guidelines to scrutinize especially Bitcoin companies


New York is said to be like the only US state to take such drastic measures against Bitcoin companies. 


On the one hand, I can't clearly tell if BitLicense is a plus for coinbase as they Bitlicense requires companies to keep an extensive amount of details on all of their customers, however coinbase definitely see this a goodnews by virtue of goodnews-type emails served to its users.


Coinbase sees New York as a core state to target and being one of the world's largest Bitcoin exchanges conquering New York is paramount and Bitlicense is validation of their compliance with New York business laws. 


Goodnews for coinbase may be goodnews for the cryptocurrency steem in the long term but I am not crypto-savvy enough to determine these things but seeing recent steemit posts imploring steemians to vote for steem to become one of the cryptocurrency exchangeable on coinbase, perhaps improved credibility for coinbase favors steem.


Additional sources/credit to:

http://www.newsbtc.com/2016/05/06/new-york-give-bitcoin-license-coinbase-ripple/


https://blog.coinbase.com/coinbase-obtains-the-bitlicense-f1c3e35c4d75#.a0r6b9hx6



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Great news!

Unsure it will help steem get onto coinbase, but it will help cryptocurrency in general if bitcoin is helped :)