Coinbase up 5% on German crypto custody business approval
Germany’s Federal Financial Supervisory Authority (BaFin) announced on Monday that it granted Coinbase Germany GmbH approval for its crypto custody business.
BaFin noted that, with today’s approval, Coinbase became the first company to be allowed to provide the newly introduced financial service in Germany. Last year, Germany passed legislation allowing firms to provide crypto custody services but required BaFin authorization for the newly recognized financial service.
After hitting a session high of $236.46 on the news, Coinbase shares jumped 4.36% to $234.07 at 10:38 am ET.
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