Crypto Exchange Sets Up EU Hub in Ireland
Coinbase, the San Francisco-based cryptocurrency exchange, has established a new office in Dublin as part of its strategic expansion into Ireland. This move aims to "prepare for all possible Brexit scenarios," according to company executives.
Why Dublin Became Coinbase's EU Base
The Dublin office will complement Coinbase's existing London operations while serving key functions:
- EU Market Access: Ensures uninterrupted service for EU customers post-Brexit
- Regulatory Continuity: Maintains compliance with EU financial regulations
- Talent Acquisition: Taps into Ireland's growing fintech workforce
"Choosing Dublin was a clear decision in our expansion plans," stated Coinbase in its official announcement. The company evaluated multiple EU cities before selecting Ireland's capital as its European base.
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Government and Industry Reactions
Irish Minister for Financial Services Michael D'Arcy welcomed the development:
"Coinbase's decision underscores Ireland's attractiveness for financial services innovation. Their Dublin office reinforces our position as a blockchain hub."
This sentiment aligns with Ireland's proactive stance on fintech:
| Irish Blockchain Initiatives | Date |
|---|---|
| "Blockchain Ireland" R&D Project Launch | June 2018 |
| Deloitte Blockchain Lab Opening | January 2017 |
| Government Budget Allocation to IDA for Fintech | June 2018 |
Brexit Contingency Planning
Zeeshan Feroz, UK CEO of Coinbase, explained Dublin's strategic importance:
"Dublin meets all requirements for our contingency planning. It helps us bridge relationships across Europe while addressing Brexit challenges."
Key considerations behind the move:
- Regulatory Preparedness: Existing UK e-money license covers EU nations until Brexit
- Market Growth: EU user base grew faster than other markets in 2017
- Service Continuity: Ensures uninterrupted operations for 32 supported countries
The Bigger Picture: Ireland's Fintech Boom
Ireland continues attracting blockchain innovation:
- Deloitte's Blockchain Lab: 50-person team serving EMEA clients
- Government Support: Direct budget allocations for blockchain development
- Talent Ecosystem: Home to 900+ fintech companies employing 7,500+ professionals
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Frequently Asked Questions
Q: Will Coinbase move its headquarters from London?
A: No. London remains Coinbase's operational HQ, with Dublin serving as an EU complement.
Q: How does this affect EU customers?
A: Services continue uninterrupted, with Dublin ensuring post-Brexit EU compliance.
Q: Why choose Dublin over other EU cities?
A: Ireland's pro-fintech policies, English-speaking workforce, and existing financial ecosystem made it ideal.
Q: When did Coinbase receive its UK e-money license?
A: March 2018 - allowing services across UK and 23 EU nations.
Q: What other crypto firms operate in Ireland?
A: Deloitte, ConsenSys, and multiple blockchain startups have established operations.
Q: How does this prepare for Brexit?
A: Creates an EU-licensed entity ready for when UK financial passports potentially expire.