Coinbase Opens Dublin Office, Continues Global Expansion
Cryptocurrency exchange Coinbase has announced the opening of its next office in Dublin, Ireland. The expansion is only the latest step in the company’s campaign to evolve from a U.S. brand to a global brand.
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Coinbase Takes Another Leap Across the Pond
San Francisco-headquartered Coinbase has expanded its global reach once more, this time opening its latest office in Dublin, Ireland.
The move marks the consolidation of the exchange’s foothold in Europe, with its new Dublin branch being its second on the continent behind its European headquarters operation in London.
The office also provides a de facto hedge against Coinbase’s London base being adversely affected in the coming months by Brexit, the United Kingdom’s contentious and currently ambiguous 2019 departure from the European Union.
Coinbase is expanding its European presence by opening a new office in Dublin. We look forward to tapping into the city's diverse talent pool and contributing to its burgeoning crypto economy. https://t.co/Hn5fLplJs1
— Coinbase (@coinbase) October 15, 2018
Tina Bhatnagar, Vice President of Operations and Technology at the exchange, noted the selection of Dublin came after Coinbase’s leadership judged the city as offering the most among the available European contenders:
“We explored a variety of cities across the EU, and Dublin was the clear choice. Our new office will help us tap into the city’s diverse talent pool and long-standing support for technological innovation, including a burgeoning cryptocurrency economy. The Dublin team will compliment Coinbase operations in London.”
In recent years, Dublin has seen a sharp rise in its status among the international stage’s most competitive financial hubs. The city is a growing “RegTech” center and bears a low corporate tax rate — dynamics that, in part, explain why several Silicon Valley powerhouses, including eBay, Facebook, Google, LinkedIn, Microsoft, and more, already have operations there.
Now, Coinbase looks to join that lot in leveraging the flexibility and growth opportunities Dublin can offer. And indeed, growth — in all its senses — is the name of the game for now. The exchange last made headlines days ago upon listing its first ERC-20 token, 0x’s ZRX.
Coinbase Looks to Europe, Asia
“The number of Coinbase customers in the European Union (EU) grew faster than any other market in 2017,” the aforementioned Bhatnagar said in the exchange’s Dublin announcement.
That explosive growth underpinned Coinbase’s decision to announce its London hub in May 2017. Almost one year later, the exchange was able to secure an e-money license in the United Kingdom and an account with British banking titan Barclays.
Both developments further cemented Coinbase’s pivot to Europe.
But even with a possible Brexit dodge in mind, it’s not clear for now how Coinbase’s Dublin banking will go. What is known is that there have been banking frictions for cryptocurrency enterprises in Ireland in recent times.
As for Asia, the exchange declared in June 2018 it would be opening a branch in Japan. The exchange brought in former Morgan Stanley Japan executive Nao Kitazawa to head up the fledgling operation.
Where Coinbase will plant its flag next remains to be seen. But it’s obvious looking forward that more plantings are coming.
Where might Coinbase open its next branch? Where would you do so, if you were in charge? Let us know in the comments section below.
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