Coinbase, one of the more prominent online exchanges when it comes to cryptocurrencies, has made the headlines throughout this year by launching cryptocurrency-based gift cards for real-world use and the deployment of Segregated Witness (SegWit) capability on its network. Now, the business has publicized its plans given the looming departure of the United Kingdom from the European Union - a pertinent topic given that its EU office is located in London.
Having examined numerous locations across the EU for a second office location, Dublin was deemed "the clear choice" to augment the existing London-based operations team while housing "a variety of new business-related functions". With respect to the prospect, Coinbase UK CEO Zeeshan Feroz said:
"... 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."
Perhaps unsurprisingly, Michael D’Arcy, Ireland's Minister for Financial Services and Insurance, welcomed the news, saying that:
"I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services."
One of the key contributing factors to this development revolves around the EU's "passporting" regulations which allows finance businesses to leverage a single license to sell products and services across the entire bloc rather than 28 separate licenses for each country. Of course, with the UK set to make its departure from the EU, Coinbase's streamlined access to the market would be put in jeopardy.
Of course, it remains to be seen as to how companies both inside and outside the financial sector collectively reposition themselves before Brexit comes into formal effect.