Coinbase granted N.Y. approval to offer ether trades

Coinbase has received approval from New York financial regulators to offer trading of the digital currency ether, along with other products.

The San Francisco-based exchange also received permission to offer trading of the digital currency Litecoin and to offer a debit card service called Shift Card, the New York State Department of Financial Services announced Wednesday.

Ether is the cryptocurrency associated with the Ethereum blockchain. Litecoin is an alternative virtual currency to bitcoin.

In January, the regulator granted Coinbase a virtual currency and money transmitter license, known as a BitLicense.

Maria Vullo, superintendent of the New York agency, used the Coinbase approval to reiterate her stance that state regulators are in the best position to provide oversight to the fintech industry. The Office of the Comptroller of the Currency has proposed creating a charter for fintech companies.

“New York will remain steadfast in pushing back against federal encroachment efforts like the OCC’s proposal to impose a one-size-fits-all national bank charter that increases risk and seeks to usurp state sovereignty,” Vullo said in a press release.

Teri Bloom