Cryptocurrency exchange Coinbase has opened a new office in Dublin to mark its latest expansion into Ireland as a marked effort to “plan for all eventualities for Brexit,” according to a top Coinbase executive.
In an announcement on Monday, San Francisco-based cryptocurrency exchange Coinbase – the industry’s first ‘unicorn’ – said Dublin “was the clear choice” in its ongoing expansion effort. The new office in Dublin will compliment Coinbase’s existing operations in London, the base for its EU operations.
Ireland’s minister for financial services and insurance Michael D’Arcy stated:
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“I am delighted that Coinbase is opening an office in Dublin. This decision highlights the completive offering and attractiveness of Ireland for financial services.”
Pointedly, Coinbase adds it ‘explored a variety of cities across the EU’ to earmark potential outposts across European nations at a time when Britain’s exit from the European bloc looms large. The contingency plan is particularly relevant as European Union users of Coinbase “grew faster than any other market in 2017,” according to the company.
Coinbase UK chief executive Zeeshan Feroz underlined the importance of Dublin as a new base in Europe, telling Reuters:
“It ticks a lot of boxes – ranging from giving us a contingency, helping us plan for all eventualities for Brexit and engaging with Europe through another base.”
Coinbase insists that its headquarters outside the U.S. will remain in London, for a company that supports cryptocurrency trading in 32 countries presently.
As reported previously, Coinbase received an e-money license from the UK’s financial regulator in March this year, granting the exchange to provide services to customers in the United Kingdom and all 23 countries within the European Union. The Dublin office is strategically positioned to continue operations and services in EU nations after Brexit, wherein the United Kingdom is set to leave the EU by March 2019.
With a pro-Fintech agenda, Ireland is quickly becoming a destination for blockchain development. In June, Irish prime minister Leo Varadkar earmarked budgetary spending for Ireland’s state-run Industrial Development Authority (IDA), days after the latter had launched ‘Blockchain Ireland’, a research and development initiative for the sector.
Earlier in January 2017, services giant Deloitte opened its blockchain lab in Dublin with a team of 50 employees exclusively offering consultancy and services with blockchain tech for clients in Europe and the Middle East.
Dublin image from Shutterstock.