Coinbase expands Dogwifhat trading to New York

Coinbase users in New York can now trade the popular dog-themed meme token Dogwifhat on one of the most heavily regulated cryptocurrency markets.

Coinbase has made Dogwifhat (WIF) available to users in New York, who can now “buy, sell, convert, send, receive or store” through the exchange’s website and iOS and Android apps, according to an announcement made on December 3.

New York State enforces certain cryptocurrency business regulations that require companies to obtain a BitLicense, or limited purpose trust deed, from the New York State Department of Financial Services to operate within its jurisdiction. This licensing ensures platforms like Coinbase meet high standards of consumer protection and operational integrity.

Coinbase emphasized that its NYFDS license allows it to “engage in Virtual Currency Business Activity” while fully complying with the state’s stringent regulatory framework.

Dogwifhat was first listed for spot trading on Coinbase on November 14, triggering an over 40% rally for the meme coin. WIF also secured a listing on Robinhood on November 25.

Listings on Tier 1 exchanges like Coinbase and Binance are generally received positively in crypto communities as they signal credibility and provide access to a broader investor base. Since the last announcement, Dogwifhat is up over 5%, trading at $3.23 at the time of writing and has a market cap of $3.22 billion.

This development caused a stir in the Dogwifhat community, with users suggesting that this move would help WIF prices rise even further. See below.

Some users also called on the exchange to consider listing dog-themed meme token Neiro (NEIRO), but Coinbase has focused on TikTok-inspired meme coin Moo Deng, which is next on its listing roadmap.

Against this backdrop, the exchange also advanced its efforts to improve user experience by integrating Apple Pay into the onramp platform on December 2. According to the exchange, this integration streamlines transactions, allowing users to complete purchases in seconds while enjoying the benefits of Apple Pay. built-in security measures.