The largest US digital currency exchange, Coinbase, announced earlier today that it had opened an office in Dublin, in a bid to increase its presence in Europe and ensure that it is viewed as “a trusted and easy-to-use cryptocurrency platform” in the region.
“The number of Coinbase customers in the European Union (EU) grew faster than any other market in 2017,” Coinbase’s vice president of operations and technology, Tina Bhatnagar, wrote in a blog post. “As we scale, we need to attract the best, most qualified and passionate talent to help us achieve our mission of creating an open financial system for the world.”
Coinbase already has an office in London, which earlier this year received an e-money licence from the UK’s Financial Conduct Authority (FCA). However, the company also wants to have a contingency plan for a hard exit and the launch of the Dublin office appears to reflect that.
“It is also a plan B for Brexit. As we plan for all eventualities, it’s important that we continue servicing our customers across Europe, and Ireland would be our preferred choice there if it comes to it,” Zeeshan Feroz, chief executive officer of Coinbase UK, said in an interview with The Guardian. He also noted that the Dublin operation would be housing “a significant support team” and that the company was looking to “capitalise on the talent pool that’s available to us in Ireland”.
When in March Coinbase UK acquired the e-money licence from the FCA, Feroz indicated that the company did not plan to close its UK operation even with Brexit looming.
“The UK is a huge market for us, Brexit or no Brexit,” Feroz said.
According to today’s blog post, the Dublin team “will compliment Coinbase operations in London and host a variety of new business-related functions”.