The American cryptocurrency exchange platform’s request for an e-money license in Ireland was recently granted by its Central Bank.
Coinbase made this announcement via an official blog post on the firm’s website. San Francisco-based cryptocurrency exchange is currently on the course toward expanding its significance around Europe.
It is noteworthy that Coinbase managed to secure an e-money license almost a year after the company announced it was setting up a branch in Dublin. Moreover, the Irish Central Bank seldom issues its approvals. Other companies that managed to receive it include Facebook and Stripe.
The announcement stated that the license will help the exchange increase its operations in Ireland. It will also allow users to secure “passporting” across the European Union and the European Economic Area.
CEO of Coinbase UK branch Zeeshan Feroz believes expanding into Europe is the next big thing for Coinbase. He said, “Europe represents a huge opportunity for Coinbase.” He further emphasized that the approval of its e-money license will help deliver better service. Specifically, to its users around Europe.
The exchange also pointed out that this new development will create new jobs. And harness the Irish market’s potential to the full.
Ireland – A destination for financial services
Coinbase first moved to Dublin in 2018. CEO of IDA Ireland, Martin Shanahan, congratulated it on securing the license and describing Ireland as a “destination for financial services.” Tasked with the responsibility of attracting foreign investors, he had this to say: “Coinbase’s choice of Dublin for this operation reinforces the strength of Ireland as a destination for financial services companies, providing a consistent, certain, pro-enterprise policy environment for businesses to grow and thrive.”
Ireland has recently been a hotspot for global tech and crypto-related companies. This might be because of its friendly tax system. Ireland’s Minister for Financial Services and Insurance, Michael D’Arcy, welcomed Coinbase’s foray into the Irish financial market.
He further stated that the exchange’s competitive nature will help it thrive in the Irish financial sector.
Lately, Coinbase has undergone a lot of positive improvements. In August, it acquired Xapo, making it the largest crypto storage service in the world. In a bid to expand into Europe, the exchange introduced crypto debit cards to several EU countries. Coinbase also recently announced that it would be listing a lot of coins.