On Thursday (January 30), Coinbase launched Coinbase Custody International, Ltd, which is based in Dublin, Ireland.
Coinbase Custody, which was launched in 2018, is "an independent, NYDFS-regulated entity built on Coinbase’s crypto-first DNA." It is regulated by New York State's Department of Financial Services (NYDFS), and operates as an independently capitalized entity (Coinbase Trust Company).
Coin's blog post says that Coinbase Custody International purpose is not only to provide an institutional-grade digit asset custody service to clients in Europe and other non-U.S. jurisdictions: in the near future, it will also be handling "all staking activity."
Coinbase also explains that although Coinbase Custody had been serving Europe-based clients since it launched, having a "dedicated presence" in Europe will allow it to offer services in a "completely localized way" such that they are more suited to the legal and regulatory needs of these clients.
Coinbase points out that Europe is their "fastest growing geographic segment" and during the next several months they will be adding support for additional digital assets.
Coinbase Custody also made another announcement today: it has joined the Proof of Stake Alliance (POSA), which was founded in 2019 with the purpose of promoting "the greater education of Proof of Stake technology through collaboration and dialogue among stakeholders."
Sam Mcingvale, CEO of Coinbase Custody, had this to say:
"Proof of Stake is an increasingly important innovation that the crypto space as a whole is rapidly trending toward. POSA is playing a critical role by engaging with lawmakers and regulators to educate them on emerging POS technology. It’s our hope that through the work of organizations like POSA, we’ll start to see meaningful conversations and, in time, clarity when it comes to POS and its applications."
The press release shared with CryptoGlobe says that POSA currently has 18 organizations as its members, and that the Alliance is "committed to the mission of advancing public policy discussions through congressional and regulatory engagement, member events, and educational campaigns."
Matt Perona, a Board Member of POSA, stated:
"We are thrilled to announce Coinbase Custody and Bison Trails have joined one of the most active advocacy organizations in the blockchain community. As our newest members, Coinbase Custody and Bison Trails further validate the importance of our mission and the work of all our members on the front lines as we continue to advance the Proof of Stake industry."
Featured Image Courtesy of Coinbase