The Coinbase trading exchange has opened an office in Dublin as per an October 15th announcement on the Coinbase blog. The opening is part of the overall expansion of Coinbase as well as part of a contingency measure in lieu of Britain’s exit from Europe, which has a deadline on March 2019.
Why the Coinbase trading exchange is choosing Ireland
For the time being, London will remain the European headquarters for the Coinbase trading exchange, but the new office is set to take on a variety of business functions. Ireland has a unique geographical location as an island to the east of the European mainland. It also has an extremely low corporate tax rate and a relatively robust financial services sector. With Brexit drawing closer, Ireland makes a perfect choice with its English speaking workforce. Ireland also has strong social ties with the USA, especially the West Coast such as Boston, with a history of migration. Ireland is perceived as having a strong pool of talent and IDA Ireland launched an initiative in June to promote blockchain adoption and investment in the county. According to UK CEO, Zeeshan Feroz, in talks with the Guardian–
“To begin with we’re housing a significant support team there and we’re looking to capitalise on the talent pool that’s available to us in Ireland and hire other folks…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.”
Brexit and blockchain
The news may come as a blow to the UK, as some have indicated that Brexit could entice crypto companies to the region. British finance minister Phillip Hammond even suggested that blockchain might hold some answers to the Irish borders issues that will arise when Brexit comes to pass. It is possible that leaving the EU might help the UK to innovate further in the blockchain industry. They will be unburdened with many of the regulatory challenges that come with membership of the European Union. As per Feroz – “I am of the view today that there is an opportunity for Britain post-Brexit to perhaps take the lead.”
Blockchain acceptance is increasing in the UK at the government level, with the FSA trialing blockchain in the meat industry, smart contracts being investigated in the legal system, and the UK Minister for Housing releasing a detailed report on the benefits of DLT.
For the Coinbase trading exchange, an office in Dublin represents yet another expansion. They have opened a Japanese office with plans of accessing the lucrative Japanese market and have been busy acquiring licenses, creating institutional products, upgrading their trading platform and extending their payment processing services.
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