On Monday, October 15th, U.S. cryptocurrency exchange – Coinbase – announced opening a new office in Dublin, Ireland. This comes as the company’s contingency plan to remain connected with the EU market post-Brexit.
In the official blog post, Coinbase VP of Operations and Technology, Tina Bhatnagar, writes that the company explored several cities in EU, however, Dublin emerged to be a clear choice. She also added that Ireland’s burgeoning cryptocurrency economy will support the exchange’s future growth plans.
Michael D’Arcy T.D, Ireland’s Minister for Financial Services and Insurance, appreciated the company’s decision:
“I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services.”
Dublin as Plan B for Brexit
With this move, Coinbase joins several other financial institutions to remain connected to the EU market. The cryptocurrency market in the EU is still not under strict regulations.
Furthermore, Coinbase enjoys the privilege of providing fiat currency-related services to 23 EU countries. Several banking institutions still permit to deposit fiat at Coinbase to buy/sell cryptocurrencies.
Moreover, the exchange thought that Dublin’s English-speaking workforce and diverse talent-pool makes it a desired location. In a word with The Guardian, Coinbase’s UK CEO, Zeeshan Feroz, talked about the company’s decision:
“To begin with, we’re housing a significant support team there,” said Feroz. We’re looking to capitalize on the talent pool that’s available to us in Ireland and hire other folks. It is also a plan B for Brexit.“
Speaking with Reuters, Feroz expressed confidence saying that the Dublin office will help Coinbase expand in the future:
“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,” he told Reuters.
London Still Remains Coinbase’s European Headquarters
Despite having this contingency plan due to Brexit concerns, London would still remain the company’s European headquarters. Dublin is now Coinbase’s third international office outside the U.S., after London and Tokyo.
The exchange’s job listing page shows the company is open to hiring people for customer support roles. There is also one position for regulatory compliance.
Martin Shanahan, CEO of IDA Ireland, an agency which looks after attracting international investments, welcomed the exchange’s entry:
“Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical businesses operations,” said Shanahan. “We look forward to welcoming Coinbase into the Irish economy, and helping them access our talented pool of young professionals from the technology and financial services sectors.”
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