Coinbase Announces New Office in Ireland as Brexit Woes Deepen
A new blog post published by the US-based cryptocurrency exchange, Coinbase, announced plans to open a new office in Dublin, Ireland.
Coinbase Expands to Dublin Amid Brexit Woes
Coinbase, which is one of the largest cryptocurrency exchanges in the world, already has a number of employees in Europe. While these employees are currently based in London, England, Coinbase’s new blog post announced plans to expand to Dublin as well.
The expansion came as a part of the plan to scale up in European Union (EU), due to the fact that the number of customers from this part of the world grew faster than any other market throughout 2017. As the process of scaling continues, Coinbase wishes to attract the best talents that will help with creating a superior financial system for the entire world.
After careful consideration of numerous cities throughout the EU, Coinbase deduced that Dublin is the best choice for their new branch. Apart from excessive growth in interest in cryptocurrencies, Dublin was also found to be a pool of talent, as well as support for new technologies. This also includes the emerging cryptocurrency economy, which is why Coinbase feels that Dublin might be the perfect location for the exchange to branch out from.
As mentioned, the exchange also has a small team in London, which will be supported by the new Dublin office. Additionally, Dublin will also open up a variety of career opportunities. Another reason why Coinbase is choosing Dublin instead of expanding its London business is the so-called Brexit. The exchange simply wishes to ensure that their services will still be provided to users that require them even in a post-Brexit scenario, as stated by Coinbase UK division’s chief executive, Zeeshan Feroz.
EU Still Not Regulating Digital Assets
The situation regarding cryptocurrencies in the EU is complex, especially since they are still not regulated assets. Even so, several digital currency exchanges managed to receive a traditional form of license for trading fiat currencies. As for Coinbase itself, the exchange is officially regulated by the UK’s FCA (Financial Conduct Authority) and has received an e-money license.
This allows it to carry out regular money-laundering checks whenever it signs up new customers. This is a process similar to the one that traditional banks are conducting. Additionally, the exchange also needs to comply with different capital requirements, as well as to ensure the protection of their customers.
Ireland itself seems to be welcoming and supportive toward Coinbase’s decision to open up a new office in its capital. The move is expected to highlight Ireland’s competitive offering, as well as attractiveness for financial services.
Coinbase itself sees the move as another step on the journey to ensure that their platform is viewed as a safe and trustworthy place of trade. With new talents from Ireland joining its crew, Coinbase seems to be excited about its future in Europe.
Image from Shutterstock