Coinbase announces the acquisition of 3 companies to expand its business
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Answer Coinbase announces the acquisition of 3 companies to expand its business
Coinbase announced that the US Securities and Exchange Commission and the Financial Industry Regulatory Authority have approved their request to purchase 3 US companies that facilitate crypto and digital currency exchange, wallet services and provide internationally monitored security tokens.
A company spokesman said that the three companies that were purchased are:
You specialize in the market
– Keystone Capital Corp.
It is worth noting that these companies have an investment license and are registered with the Securities and Exchange Commission. These deals have not been announced on their websites, but the deal will be announced soon.Read:Grayscale prepares for legal battle with SEC over Bitcoin ETF
The Coinbase platform – for buying and selling bitcoin and digital currencies – indicated that its government supervision by the US Securities and Exchange Commission will enable it to act as a free broker directly, work with alternative trading systems and advise on registered supervision processes, as well as expand the range of services that can be provided to customers as well as the assets that can be included in the platform Which includes what is known as a Security Token, and it is also a direct challenge as the platform has never dealt in this way before.
It is noteworthy that trading systems operating separately from trading platforms can manage billions of dollars in digital currencies through the initial coin offering process, and it is reported that some countries such as China and the United States have imposed some obstacles on some ICOs.
Coinbase will merge the companies that were acquired with its parent company, which will need them to access the data of the new companies, which was not talked about during the deal or given any timetable to start it.
Also, the platform announced earlier that it is considering dealing with many companies and other digital currencies, such as zCash, to add it to its list of currency trading, as well as other currencies such as Cardano, all to add to its working currencies such as Bitcoin and Ethereum, as well as Ethereum Classic, which will be added in the months next few.Read:Twitter hacker behind recent bitcoin scam arrested
On the other hand, Jay Clayton, Chairman of the Board of Directors of the US Securities and Exchange Commission, announced that crypto and digital currencies such as Bitcoin are not subject to US securities laws and that there is an ongoing debate about the classification of cryptocurrencies and that all organizations and platforms dealing with cryptocurrency are compatible to operate legitimately with government laws.Read:Bitcoin price affected by Federal Reserve Chairman Jerome Powell’s comments
Noting that Coinbase’s acquisition of the new licenses will enable it to become a destination for people looking for a safe place to trade digital currencies known as Security Tokens.
With this step, many companies were encouraged to become a digital currency trading platform, such as Circle Internet Financial Ltd, which announced its plans to become a trading and brokerage platform with various securities commissions. The American Stock Exchange hinted at the possibility of finding an international federal bank to provide better services to users.
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