Coinbase expands its European presence-San Francisco-based cryptocurrency exchange Coinbase has opened a new office in Dublin, Ireland, as it looks to broaden its European reach, according to an announcement published Oct. 15. In addition to helping expand its operations in Europe, the new Irish offices are reportedly part of a contingency plan for when the U.K. leaves the E.U.
Zeeshan Feroz, who leads Coinbase U.K. efforts, told The Guardian:
“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”
Expansion And Competitiveness
Although it isn’t moving resources away from the U.K. to prioritize Ireland, Coinbase’s expansion echoes the sentiment among some big banks that are trying to increase their presence across Europe to offset the impact of Brexit.
Michael D’Arcy, Minister of State at the Department of Finance in Ireland, said he was “delighted” the firm was opening an office in Dublin. “This decision highlights the competitive offering and attractiveness of Ireland for financial services,” he said in an official statement.
The London office is the company’s headquarters for Europe, as well as other international operations beyond the U.S. With a presence in Tokyo as well, the Dublin facility will be the start-up’s third office outside the U.S.
“Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical businesses operations,” Martin Shanahan, CEO of IDA Ireland, the Irish state agency tasked with attracting overseas investment, said in a statement.
“We look forward to welcoming Coinbase into the Irish economy, and helping them access our talented pool of young professionals from the technology and financial services sectors.”
Coinbase expands its European presence-Coinbase Chief Executive Officer, Brian Armstrong, said in August that in 2017, the company was growing by an astonishing 50,000 customers every day!!
The start-up saw a surge in users amid a rally in cryptocurrency prices late last year. In October 2017, it had 11.7 million users, representing an increase of almost 150 percent from the previous year. A month later, the firm acquired an additional 1.6 million users, increasing the total number of users to 13.3 million.
Earlier this month, Recode, citing unnamed sources, said the firm was looking to raise up to $500 million from Tiger Global and existing investors, in capital raise that would value it at $8 billion. Feroz declined to comment on that report.
Huge volatility in the cryptocurrency market has drawn the attention of governments, bankers and serious investors alike, and heightened concerns around the speculative nature of the market.
While Feroz said he doesn’t comment on market speculation. He did say that it is a “young industry still finding its feet.”