Coinbase Cryptocurrency Exchange Made Its Comeback To Wyoming After Three years
Coinbase, the popular San Francisco-based cryptocurrency exchange platform, made its comeback to Wyoming after three years. In 2015, Coinbase announced they ceased their operations in the before-mentioned US state due to the adoption of the Money Transmitter Act which implies crypto trading platforms to possess a “double reserve.”
Three years ago, Coinbase estimated its business would not be profitable anymore under the conditions of the Money Transmitter Act. However, the “double reserve” would have been necessary for every cryptocurrency exchange platform to get its license renewed.
Coinbase cryptocurrency exchange returns to Wyoming after three years
In March 2018, Wyoming passed a bill that amended the Money Transmitter Act and added exceptions for cryptocurrency operations.
The official Coinbase announcement also shows the changes the new bill brought to cryptocurrencies. Accordingly, “cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents.”
Thanks to this new bill that amended the Money Transmitter Act, Coinbase clients in Wyoming can once again access their funds on the cryptocurrency exchange platform and commence trading operations with cryptocurrencies.
We believe this action by Wyoming will spur innovation and economic activity for individuals, families, and communities across the state.
Coinbase also set to increase cryptocurrency adoption with WooCommerce integration
In other news, Coinbase cryptocurrency exchange aims to increase cryptocurrencies adoption as they released a new plugin that’s compatible with WooCommerce plugin used by millions of online stores.
In the beginning, only Bitcoin (BTC) and Litecoin (LTC) would be available, but the company plans on implementing Ethereum (ETH) and Bitcoin Cash (BCH) support, as well.
The new plugin, Coinbase Commerce, would make cryptocurrency payments available in millions of online store, a fact that is expected to boost the cryptocurrency adoption.
In short, Coinbase returns to Wyoming after three years, while the popular cryptocurrency exchange platform also works on increasing cryptos adoption by implementing the new Coinbase Commerce plugin, compatible with WooCommerce.