US crypto exchange Coinbase is seemingly concerned about the ramifications of the UK leaving Europe in the next year as part of Brexit as it looks towards setting up shop in Dublin, Ireland.
The San Francisco-based crypto exchange is rightfully looking for ways to circumvent what may be the impending Brexit exodus and to maintain ties with Europe.
Brexit Contingency Plan for Coinbase
Coinbase was initially founded in 2012 and has since become one of the top-20 crypto exchange platforms in the world. The exchange only has one office to serve the entirety of Europe and with the coming Brexit changes, they are looking towards Ireland to become the permenant place for not only its second office but for future expansion across the continent.
The company already has a handful of staff in its London office but is now looking to employ several people to work in their new Dublin branch.
Coinbase already employs approximately 500 people across the planet and wants to continue to serve the people of Europe without any red tape, which is why the Ireland move makes so much sense. Talking to the Financial Times, the CEO of the UK division of Coinbase, Zeeshan Feroz, made some common sense points:
“Ireland does offer us a home in a post-Brexit scenario. It could serve as our gateway in the future . . . we’re planning for all eventualities.”
Improving Services Across Europe
Although the move will not affect or take resources away from the UK, the plans to set up shop in Ireland is also part of an expansion across Europe. Coinbase did look to other European countries but thought that Ireland’s close proximity to the UK and the access to a wide range of talents and skillsets played an important part in the decision. Being an English-speaking country was also a major part of the decision-making process.
While talking to the US news network CNBC, Zeeshan Feroz was adamant about the crypto exchange platform’s expansion by saying that they are:
“Looking for ways to better service our customers. The EU is our most significant market outside the US.”
Coinbase is now looking to hire personnel in Ireland with a wide range of skills, especially in terms of customer support and regulatory compliance. Although many parts of the UK are looking forward to their Brexit move, the business sectors and the cryptocurrency industry are planning for a future Europe without the United Kingdom.