Three years ago Coinbase, a cryptocurrency platform hit a major roadblock as all its operations had to be ceased in Wyoming due to regulatory issues, however, earlier in the week Coinbase announced the resumption of cryptocurrency trading service in the “cowboy state”.
Coinbase, went on to announce that it has renewed its money transmitter license which permits customers to trade cryptos on the platform and as a result the largest cryptocurrency exchange platform in the U.S managed to resume its cryptocurrency operation in Wyoming as well. Prior to this renewal, the crypto exchange had faced a three-year absence in the state.
Three years ago, back in 2015, Coinbase had to suspend operations in Wyoming due to the Wyoming Money Transmitter Act which demanded all exchanges to double reserve the assets of state residents. However, earlier in 2018, the issue of the double reserve was eliminated as new legislation was signed into law.
In order to carry out crypto operations in Wyoming once again, The San Francisco-based platform had been working with many high-end officials like Senator Eli Bebout, the Blockchain Task Force, and also Wyoming’s House of Representatives Majority Floor Leader David Miller. In addition to that, Governor Matt Meade and the state legislature also played an important role in amending the act and signing the new legislation into law.
Through this new law, Coinbase and other compliant crypto companies have been provided with the opportunity to serve its customers in Wyoming to the fullest.
In a blog post, Coinbase stated:
We are encouraged by this positive transition for Wyoming residents and businesses to once again enjoy the social benefits, economic activity and enhanced innovation of this new technology. We aim to be the most trusted cryptocurrency brand in the space, and to do that, we seek excellence in compliance and advocate for common-sense policies that allow for innovation. We will continue to team up with regulators and legislators all across the U.S. and globally as we work towards creating an open financial system for the entire globe.
Just a few days back on August 3rd, Coinbase announced that it is planning to add a few coins to its Custody suite. However, the platform emphasized that the crypto assets were for strictly for storage. According to the announcement, 37 new digital coins would be added which include, XLM, ADA, BTG, EOS, XRP, to name a few.
In a bid to further cement itself, The largest cryptocurrency exchange platform in the U.S recently launched the Woocommerce plugin, an e-payments app for web-based marketplaces. The platform announced that through this new feature crypto merchants all around the world would be able to accept payments. The statement released by the company reads as follows:
We’ve been hard at work the past few weeks and are happy to announce a WooCommerce plugin and a few other new features.
With a penetration rate of nearly 28%, Woocommerce is very popular on the e-commerce platforms. The San Francisco company has high aspirations that the majority of websites will permit digital payments which in turn will expand its overall adoption.