- It left in 2015 because of stringent reserve requirements
- These requirements were dropped in 2018
- The company now also accepts Woocommerce e-payments
Coinbase, the biggest cryptocurrency exchange platform in the US, has announced that it is resuming crypto trading in Wyoming after a three-year absence due to regulatory problems.
It now also has a new money transmitter license, allowing clients to trade cryptocurrencies on its platform.
The company suspended its Wyoming activities in 2015 because of the Wyoming Money Transmitter Act, which required that all exchanges had to keep reserves amounting to double the assets of local residents. This requirement was dropped in 2018.
Various people had to be convinced before this legislation could be changed, including the Blockchain Task Force, Senator Eli Bebout and Wyoming House of Representatives Majority Floor Leader David Miller.
On its company blog, Coinbase stated that it is encouraged by this positive change for the residents and businesses of Wyoming to again enjoy the improved innovation, social benefits and economic activity of this new technology.
The firm added that it would like to be the “most trusted” crypto brand. As a consequence, it advocated for common-sense regulations that favored innovation and tried its best to comply with those rules that are in place.
On August 3, Coinbase said that it was considering expanding its Custody suite, stressing that the crypto assets were only for storage purposes. In total, there are 37 new digital coins, including EOS, BTG, ZEC, ADA, XLM and XRP.
Coinbase recently also introduced the Woocommerce plugin, enabling e-payments for international crypto merchants. Its statement said: “We’ve been hard at work the past few weeks and are happy to announce a WooCommerce plugin and a few other new features.”
The popular Woocommerce currently has a market penetration of around 28%.