- US-based cryptocurrency exchange sets up an office in Dublin.
- EU is the fastest growing market for the company.
The US-based cryptocurrency exchange Coinbase announced the plans to open an office in Dublin as a part of its Brexit-related contingency plan.
Coinbase, one of the largest crypto exchanges by trading volume, will set up a new branch in Ireland’s capital within the overall EU expansion strategy. According to the company, EU was the fastest growing market for Coinbase in 2017 and 2018.
By moving to Dublin, Coinbase wants to make sure that it will be able to keep its EU “passport” and provide services across the region after the UK leaves the bloc. While cryptocurrencies are not regulated in most of the European countries, the traditional financial license allows companies expanding its services to fiat money,
“Ireland does offer us a home in a post-Brexit scenario. It could serve as our gateway in the future”‰.”‰.”‰.”‰We’re planning for all eventualities,” Zeeshan Feroz, the chief executive of Coinbase’s UK division, explained in the interview with the Financial Times.
The company chose Dublin due to its favorable location close to the UK, low-tax regime and active technology community that has already attracted such giants as Google and Facebook.
According to Mr. Feroz, the London office will continue to operate as Coinbase’s European headquarters and perform several core functions such as marketing and institutional sales. Dublin office will be focused on compliance, engineering and customer support.
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