Coinbase, a digital currency exchange has opened a new office in Dublin in order to have continued access to the EU post-Brexit.
Coinbase, founded in 2012, is a U.S. based cryptocurrency exchange operator. It used to have a single office which was based in London, that was primarily served the user of European Union.
The Exchange has decided to choose Ireland as its host for its European base because Britain is closer toward an exit from the European Union. This decision is a part of the plan to continue to have access to the bloc post-Brexit.
The CEO of Coinbase U.K., Zeeshan Feroz, said that expanding to Ireland’s capital is about looking for ways for better services to the customers. Outside the U.S., the European Union is the most crucial market. Last year, the group of 28 which soon going to be 27, was the fastest growing market.
Coinbase’s expansion reflects the sentiment among banks that are increasing the presence to offset the Brexit’s impact across Europe.
Feroz further stated about the uncertainties of Brexit that played a part in the decision. According to him, Ireland, because of being an English speaking country – act as a home to a different variety of talent and growing technology sector, and choosing this country is the best decision of the company.
Michael D’Arcy, the minister of state at the department of finance in Ireland, said that he is happy that firm is opening an office in Dublin. This step leads to the competitiveness and attractiveness for financial services of Ireland.
The office at London is the headquarter for Europe and other operations beyond the U.S. globally. As Coinbase already been present in Tokyo, therefore, Dublin will be the start-up’s third office which is outside the United States. The aim of the office is to hire more than 100 employees within the next year.