On June 6, the US-based cryptocurrency exchange Coinbase announced the acquisition of Keystone Capital, a California-based securities dealer. Though this move, Coinbase is aiming at enabling tokenized securities trading on the exchange through the acquisition of a broker-dealer license that Keystone holds.
Moreover, it may help Coinbase expand their offerings into non-crypto financial products.
Keystone is a registered broker-dealer and as so it has licenses to run an alternative trading system or ATS, according to AMBCrypto.com. These licenses could expand Coinbase’s business opportunities. However, more regulatory approvals are needed.
Asiff Hirji, the President and Chief Operating Officer of Coinbase wrote in a statement:
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:
“And @BankToTheFuture has already engaged Keystone Capital Corporation as their placement agent for US investors. This is a great win for Coinbase, Bank 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.”