Coinbase Acquires E-money License from the Central Bank of Ireland
The leading cryptocurrency exchange, Coinbase, which is being backed by the Spanish bank BBVA and the New York Stock Exchange, is all set to proliferate its business operations in the European market space after securing an e-money license from the Central Bank of Ireland.
On October 11, 2019, the reputed CEO of the UK arm of Coinbase cryptocurrency exchange, Zeeshan Feroz, happily shared the news of the exchange getting the golden opportunity to become “one of just a few companies” to have acquired the e-money license in Ireland.
CEO quoted that
Europe represents a huge opportunity for Coinbase, and today’s announcement is another positive step for us in the region. The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets. It will also allow us to secure passporting for our customers across the EU and EEA.
He also stated that
The functions we’ve got on the ground in Dublin include compliance, finance, support operations, and more. There’s a whole bunch of things we’ve placed in Dublin to operate as a service centre for Europe and other markets, and as we continue to grow, Ireland is positioned very well to hire more people.
Interestingly, earlier in October 2018, Coinbase launched its first office in Dublin, Ireland, with an aim to strengthen its hold in the European market space. It was also a strategic move by the crypto exchange network to make its UK arm work as a contingency platform for the time when the UK will leave the EU.
Mr. Feroz quoted that
The intent was always to provide a base for us in the EU beyond Brexit, but it has also given us access to talented resources and to the licence we’ve just received.
IDA Ireland, the notable Irish state agency that is involved in attracting foreign investment to the country, congratulated Coinbase on getting the e-money license from the Central Bank of Ireland. Martin Shanahan, CEO of IDA Ireland, stated that
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.
Related: Read our Coinbase review
As per a recent report by the Canada-based Blockchain Transparency Institute, Coinbase has established itself as the cleanest cryptocurrency exchanges in the respected domain. It was valued at $8 billion after completing a $300 million Series E round in October, making the overall funding cross the $525 million mark.