Fake Currency Exchange Acquires Actual Broker-Dealer License

Coinbase is going straight for some reason.
By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons

By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons

It is in the nature of bitcoin—insofar an imaginary thing can be said to have a nature—to be at once a transgressive, revolutionary experiment in blowing up the global sovereign financial oligarchy, and a thing for squares to co-opt and buy and sell and get rich on. This duality is reflected in Coinbase, the largest cryptocurrency exchange in the U.S. For less than a month after announcing plans to introduce high-speed trading to the bitcoin world, Coinbase is also eagerly going straight.

Coinbase announced it would acquire securities dealer Keystone Capital in a bid to become a fully SEC-regulated broker dealer, the company said Wednesday.

"If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA)," Coinbase President and Chief Operating Officer Asiff Hirji said in a statement. "This step forward is being made possible by our acquisition of a broker-dealer license…."

"Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement, and chain-of-title," Hirji said.

Coinbase acquires Keystone Capital in bid to become a regulated broker-dealer [CNBC]