Coinbase continues with its expansion in the European continent after receiving an e-money license from the Central Bank of Ireland. The information was released by Zeeshan Feroz, the CEO of Coinbase UK, in a recently released blog post.
Moving to Ireland
According to the official announcement, Coinbase became one of just a few companies to receive the e-money license that would allow them to expand their Irish operations.
At the same time, this new license will help the leading exchange to deliver a better product to customers in some of the company’s fastest-growing markets.
The firm had already opened a new office in Dublin back in 2018. Europe is one of the most important markets for the company that is trying to expand and welcome new clients and users.
Coinbase is currently allowing individuals from different countries to have access to the cryptocurrency market. The firm has already got onboard more than 30 million users.
With this new license, the company will be able to secure passporting for customers across the European Union and the European Economic Area (EEA).
Martin Shanahan, the CEO of IDA Ireland, commented about this important milestone for Coinbase:
“Coinbase’s choice of Dublin for this operation reinforces the strength of Ireland as a destination for financial services companies, providing a consistent, certain, pro-enterprise policy environment for businesses to grow and thrive.”
Zeeshan Feroz mentioned that they are committed to ensuring that their customers have the same safeguarding and security as any regulated financial institutions. Thus, the approval of a regulatory authority in Europe demonstrates its position as the world’s most trusted crypto platform.
It is also worth mentioning that Coinbase started to operate in the United Kingdom around two years ago. In this way, the firm had access to the European Union (EU). However, Brexit negotiations are affecting its operations.
Back in July, Coinbase announced that customers in the country could experience hitches considering the company was transitioning its payment systems.
Coinbase experienced issues with Faster Payments Service that allowed the company to reduce payment times between banks and customers’ accounts.
Establishing itself in Dublin, Coinbase will remain a company with legal access to the EU market and with the possibility to extend its services to other member states in the future.
There have been several companies that decided to move their operations from London and the United Kingdom to other countries, including France (Paris), Ireland (Dublin) or Germany (Frankfurt).
