The cryptocurrency exchange and platform Coinbase has opened a new office in Dublin, Ireland. The decision has been informed by the company earlier this week. Apparently, the intention is to be prepared in case an unfavorable Brexit deal between the United Kingdom and the European Union.
Coinbase Opens New Office in Ireland
Coinbase is getting prepared for a negative Brexit outcome. The firm announced that it has decided to open a new office in Dublin. This city is also part of a broader expansion plan that the company has. The new office will be complimenting the existing one located in London, which represents the company in Europe.
On the matter, Ireland’s minister for financial services and insurance Michael D’Arcy, commented:
“I am delighted that Coinbase is opening an office in Dublin. This decision highlights the completive offering and attractiveness of Ireland for financial services.”
At the same time, the company says that it explored different cities across the European Union. As per the company, the European Union market has grown faster ‘than any other market in 2017.’
Zeeshan Feroz, Coinbase UK chief executive explained that Dublin is very important for Coinbase. In this way, the company has a contingency and the possibility to plan ahead for all eventualities for Brexit.
“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,” Feroz said.
At the moment, Coinbase supports trading activities in 32 different countries around the world.
Earlier in March, Coinbase received an e-money license to operate in the United Kingdom. The UK is set to leave the European Union by March 2019. Coinbase wants to continue offering services to all the users it has in the European Union without major issues.
Ireland is a very open country for startups and fintech companies. Deloitte, for example, opened a blockchain lab in Dublin, hiring 50 employees. Coinbase will also improve the blockchain and crypto landscape in Dublin and the country.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.