Coinbase Considers Three More Cryptocurrencies to New Yorkers; LINK, XLM and ALGO
Coinbase has recently announced that the State of New York is going to get support for three more cryptocurrencies. The giant exchange platform has been avoiding support for digital currencies in New York owing to the strict laws that are put in place.
According to recent announcements Chainlink (LINK), Algorand (ALGO) and Stellar (XLM) will now be available for investors based in New York. Coinbase Pro had already added support for these three coins on June 26, August 14, and March 13 respectively.
New York customers are now able to participate in trading for these coins as the link directing them to the trading platform has been provided on Twitter by Coinbase.
You need to obtain a BitLicense to conduct crypto operations in New York. This is among the regulations that were imposed in 2015. The regulators also have to supervise the digital coins that are instigated on the trading platforms. The new coins added will be available for trading on Coinbase Pro and coinbase.com.
Lawsuit Piles Pressure on NYDFS
An entrepreneur Theo Chino and his business have filed a lawsuit against NYDFS. Chino Ltd and the owner want the NYDFS to do away with BitLicense. The cost of procurement ranges between $50,000 – $100k, and this law applies only in New York. Chino says that the process is expensive and quite bulky. Another issue is that the restriction is only in the State of New York.
Addition of more cryptocurrencies will be restricted for Coinbase even though they had obtained the License back in January 2017. State financial authority was placed under a new division in July this year. It is now under Superintendent Linda Lacewell. This new division will be liable for supervising virtual currencies and licensing them.
ChainLink has been performing tremendously in the last few days. Stellar trades at above 4% more on a daily scale. Algorand, however, felt the impact of the market plunge on September 25.