Cryptocurrency exchange giant, Coinbase announced the opening of its new office in Dublin, Ireland as part of the company's BREXIT contingency plan.
October 2018 | AtoZMarkets - Coinbase is set to enlarge its operational base with an office in Dublin, the capital city of Ireland. This effort will ensure the company expand its EU reach as the British exit from the European bloc looms. Apart from this expansion, this move will also help to prepare for when Britain finally exits the EU. Speaking on Monday, Coinbase Vice president of operations and technology, Tina Bhatnagar announced this development.
Irish government delighted; Coinbase officials see office as part of Brexit contingency plan
Irish minister for financial services and insurance Michael D'Arcy was delighted. He stated:
''I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services''
The CEO of Ireland's inward investment agency, Martin Shanahan said in a statement that ''Dublin is a talent hotspot'' which would aid Coinbase as it scales up
This move is deemed a relevant contingency plan as European union users of Coinbase grew faster than any other market in 2017 according to the company. Coinbase UK chief executive Zeeshan Feroz told the Guardian:
''It is also a plan B for brexit. As we plan for 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 also told Reuters while emphasizing on the choice of Dublin:
''It ticks a lot of boxes - ranging from giving us a contingency, helping for all eventualities for Brexit and engaging with Europe through another base''
Coinbase has offices in 32 countries as a Cryptocurrency exchange giant. However, the company insists that London remains its headquarters outside the United States. The recent Dublin office opening has added to the fact that Ireland is fast becoming a destination for blockchain technology.
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