Coinbase Inc., one of the biggest cryptocurrency exchanges in the US, is looking to expand its presence in Europe. The exchange operator is opening an office in Dublin as legislative uncertainty around Brexit forces companies to create contingency plans.
Coinbase Expands with New Dublin Office
According to the company’s October 16 blog post, the number of Coinbase customers in the European Union (EU) grew faster than any other market in 2017, which created the need for further expansion.
The company said that it explored a variety of cities across the EU, and landed on Dublin as the best choice. London will remain Coinbase’s European headquarters and will handle international business. The company believes that expanding its presence in Dublin will bring it one step closer to ensuring Coinbase is viewed as a trusted and easy-to-use cryptocurrency platform in Europe.
The newly formed Dublin team will complement Coinbase’s operations in London and host a variety of new business-related functions. Zeeshan Feroz, Coinbase’s UK CEO, told Bloomberg that “when considering the location of our second European office, Dublin was a clear choice — it’s an English-speaking EU member state that boasts a diverse talent pool, entrepreneurial spirit, and long-standing support for technological innovation.”
Ireland Becoming a Top Destination for Tech and Crypto Startups
While Dublin might not be the first city that falls into mind when hearing the term “crypto hub,” Ireland’s capital has long been a safe haven for tech startups. In its press release, Coinbase cited diverse talent pool and long-standing support for technological innovation as one of the main factors that contributed to its expansion to Dublin.
Ireland’s capital has shown a willingness to foster a new crypto-friendly scene while other major European financial hubs remain on the fence when it comes to regulating the digital-currency market. According to Bloomberg, Dublin has positioned itself as a likely alternative for European operations as Brexit uncertainty looms over London-based firms.
Coinbase isn’t the only one excited about the move, either – the country’s officials and investment agencies are also welcoming the move. Martin Shanahan, CEO of IDA Ireland, the country’s inward investment agency, said that IDA looks forward to welcoming Coinbase into the Irish economy.
Ireland’s Minister for Financial Services and Insurance Michael D’Arcy T.D said that he is delighted that Coinbase is opening an office in Dublin, adding that “this decision highlights the competitive offering and attractiveness of Ireland for financial services.”