- The initiative is a contingency plan as the U.K prepares to leave E.U.
- The Dublin office will complement and not replace the London office.
- Coinbase is already hiring the initial staffers for the Dublin office.
Coinbase Cryptocurrency exchange is on a hiring spree to prepare for opening a new office in Dublin, Ireland. The initiative is meant to assist with expansion plans in the European market and part of a contingency plan as the U.K prepares to leave the European Union.
The San-Francisco based cryptocurrency exchange, whose backers include the New York Stock Exchange and Spanish Bank BBVA, announced the opening of the Dublin office on October 15, 2018. The move comes only 18 months after the exchange established its European head office in London.
The Dublin office will deal with business-related functions while the London office remains Coinbase’ main office. Commenting on the development, Ireland’s minister for Financial Services and Insurance Michael D’ Arcy 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.”
Coinbase’ London Chief Executive Officer Zeeshan Feroz said the Dublin office will complement and not replace the London office. Feroz also added that the new office will enable the cryptocurrency exchange to continue serving its customers in the European Union in the event that the U.K finally leaves the European Union. He said:
“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.”
The United Kingdom and the European Union have an agreement stating that if Brexit eventually happens, the border between the Republic of Ireland and Northern Ireland remains open, but the U.K plans to eventually leave the E.U. customs office.
The British Finance minister Philip Hammond has expressed the hope that the blockchain technology will ensure the continuation of a seamless post-Brexit trade between the U.K and the E.U since the Distributed Ledger Technology facilitates the recording of product movement transparently and permanently.
Ireland on Track to Become a Crypto Haven
Ireland has reputed itself as Europe’s hub for the tech industry because of its manageable corporate taxes and proactive measures started by the government to attract business o the country. In June, IDA Ireland started an initiative to promote blockchain investment and development in the country while in May the National University of Ireland Galway urged the government to promote blockchain in the country.
Coinbase is already hiring the initial staffers for the Dublin office whose roles includes compliance managers and support analysts. Mr. Feroz said:
“The decision to set up the office was based on a number of factors, including proximity to the UK, a shared language, access to talent and Brexit. “