The New York State Department of Financial Services (DFS) has authorized the application of leading cryptocurrency exchange Coinbase to offer Ethereum and Litecoin for customers in New York.

The announcement was made by Financial Services Superintendent Maria T. Vullo, and this marks Coinbase as the second company to receive the DFS approval to offer trading of Ethereum and the first to offer Litecoin in New York.

The DFS has also approved Coinbase to provide New York customers, the access to “Shift Card”, which is a Coinbase linked debit card service.

“DFS has proven that the state regulatory system is the best way to supervise and cultivate a thriving fintech industry, like virtual currency.  New York will remain steadfast in pushing back against federal encroachment efforts like the OCC’s proposal to impose a one-size-fits-all national bank charter that increases risk and seeks to usurp state sovereignty,” Vullo, stated.

DFS has been licensing technology based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law. It approved virtual currency and money transmitter license to Coinbase in January 2017 to offer services for buying, selling, sending, receiving, and storing bitcoin.

The Coinbase Shift Card is a VISA debit card that allows its users in New York and other select states and territories in the U.S. to spend bitcoin anywhere VISA is accepted.

“At Coinbase, our first priority is to ensure that we operate the most secure and compliant digital currency exchange in the world. New York is an important market and we look forward to expanding our services for New York customers as swiftly as possible,” Brian Armstrong, Coinbase CEO and Co-founder said.

Apart from Coinbase, DFS has approved five firms for virtual currency charters or licenses to XRP II and Circle Internet Financial, and charters to Gemini Trust Company and itBit Trust Company.