Coinbase Resumes Cryptocurrency Trading in Wyoming After Three-Year Absence
Coinbase has announced the resumption of cryptocurrency trading service in the state of Wyoming. This announcement comes after three years of the platform ceasing all operations in the “cowboy state” due to regulatory issues.
Coinbase Renews Money Transmitter License in Wyoming
The largest cryptocurrency exchange platform in the U.S., Coinbase, has resumed cryptocurrency operation in Wyoming. It recently renewed its money transmitter license, which allows customers to trade cryptos on the platform. This renewal comes after a three-year absence in the state.
In 2015, Coinbase suspended operations in Wyoming. This was due to the Wyoming Money Transmitter Act which required all exchanges to double reserve the assets of state residents. Three years later, in 2018, new legislation was signed into law, which eliminated the issue of the double reserve.
The San Francisco-based platform worked with many people to make crypto operations in Wyoming a reality once again. David Miller, Wyoming House of Representatives Majority Floor Leader, Senator Eli Bebout, and the Blockchain Task Force were instrumental forces. Also, Governor Matt Meade and the state legislature helped in amending the act and signing the new legislation into law. This new law gives Coinbase and other compliant crypto companies the opportunity to serve its customers in Wyoming fully.
According to the Coinbase blog, the company stated:
We are encouraged by this positive transition for Wyoming residents and businesses to once again enjoy the enhanced innovation, economic activity and social benefits of this new technology. Our aim is to be the most trusted cryptocurrency brand in the space, and as part of that, we seek excellence in compliance and advocate for common-sense policies that allow for innovation. We will continue collaborating with legislators and regulators across the U.S. and worldwide as we work to create open financial system for the world.
Coinbase Continues Expansion Push
Recently, Coinbase announced that it was considering the addition of a few coins to its Custody suite. In an announcement released on August 3rd, the platform emphasized that the crypto assets were for storage only. The new digital coins are 37 in total, and they include, XRP, XLM, ADA, ZEC, BTG, EOS, amongst others.
The San Francisco-based platform is further pushing itself as it recently launched the Woocommerce plugin, an e-payments app for web-based marketplaces. The platform stated that the new feature would allow payments for crypto merchants globally. In a statement made by the company, it said:
We’ve been hard at work the past few weeks and are happy to announce a WooCommerce plugin and a few other new features.
Woocommerce is very popular on the e-commerce platforms and has a penetration of about 28%. The San Francisco company hopes that the majority of websites will allow digital payments to expand its overall adoption.