16 Oct 2018 Josphat Kariuki
San Francisco-based Crypto Exchange Coinbase Launches a New Office in Ireland
The new offices in Ireland will help the company to expand its services in Europe. Reportedly, the offices are also part of the company’s contingency plan for when the UK pulls out of the EU.
According to the announcement, the Ireland team will perform various business-related functions to establish the company in the region. However, the exchange’s headquarters will remain in Europe.
Commenting on Coinbase’s expansion, the Financial Services and Insurance Minister Michael D’Arcy revealed that he was pleased by the company’s move to set up in Dublin. Michael further reckoned that the company’s decision highlights Ireland’s attractiveness and competitive offering of financial services.
In a statement, Zeeshan Feroz (Coinbase UK CEO) revealed that the exchange is planning to capitalize on the pool of talent available in Ireland. The UK CEO added that their Ireland office would allow Coinbase to offer their services to their clients in the EU, in an event the UK leaves. According to him, it’s the ideal alternative plan for Brexit.
Earlier this year, the EU and the UK agreed not to close off the border between the Republic of Ireland and Nothern Ireland in the event of a Brexit. However, the queen’s land is planning to exit the EU customs union.
Following the report, Philip Hammond – British Minister of Finance – said that he hopes that the blockchain technology will allow the UK to trade with the EU seamlessly post Brexit. That’s because it enables the movement of products to be transparently recorded without changes.
Late last year, in December, Reply – a digital consultancy group – published a report titled “Blockchain for Brexit.” In the study, the firm provided insightful analysis on how the blockchain technology could be the solution for post-Brexit trade between the EU and the UK. According to the report, the main contribution of blockchain in such a case would be to create a robust and reliable data trail of goods. It further argues that such a trail will cut down the need for border inspections.
In Europe, Ireland has formed a reputation as a technology hub because of its proactive measures and low corporate taxes that welcome businesses to the country. Earlier in June, the Industrial Development Authority (IDA) launched an initiative promoting blockchain development and investment in Ireland. The IDA is the country’s official agency that is responsible for encouraging foreign direct investment.
In May, scholars at the National University of Ireland in Galway encouraged the government to promote the development of blockchain in Ireland. Based on the academic arguments, the impacts of the technology on economic growth could shape businesses and other government operations. The country is also part of the European Blockchain Partnership formed earlier this spring by the European Commission.Cryptocurrency exchange