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Coinbase Seeks Broker-Dealer Status With Takeovers

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Coinbase Inc., one of the largest cryptocurrency exchanges, agreed to buy a registered broker-dealer as it races to build a trading platform for the surging number of digital tokens deemed to be securities.

The San Francisco-based company announced a trio of acquisitions Wednesday, including a takeover of Keystone Capital Corp., a California firm overseen by the nation’s main brokerage watchdog, the Financial Industry Regulatory Authority. Subject to U.S. regulatory approval, Coinbase plans to use licenses it gets in the deals to offer customers securities that trade on a blockchain ledger.

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“This is an important moment for the crypto ecosystem, and yet another indication of the maturation of the crypto economy,” Coinbase said in a statement that didn’t include terms of the takeovers. The moves “will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter trading.”

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Ultimately, “we can envision a world where we may even work with regulators to tokenize existing types of securities,” Coinbase said.

Corrects day of announcement in second paragraph.

More from Bloomberg.com

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