Coinbase is spreading its wings across Europe a bit further as very recently it was granted the rare e-money licence by the Central Bank of Ireland. The exchange has made a name for itself and is the most popular exchange form, American users. With its roots spread across 30+ countries which include Austria, Belgium, Croatia, Netherlands e.t.c, the latest development, further strengthens its foothold in Europe.
Zeeshan Feroz, CEO of the United Kingdom branch of the San Francisco-based cryptocurrency exchange giant Coinbase, announced via the Coinbase blog that Coinbase has become one among a handful of companies to hold the distinction of having received an e-money license in Ireland.
The company first opened its office in October 2018, in Dublin, Ireland as a contingency plan in case the U.K leaves Europe. The US-based exchange calls Ireland a “burgeoning” crypto economy and says that Europe represents a “huge opportunity” for Coinbase’s continued growth.
Feroz said in a statement:
“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 passports for our customers across the EU and EEA.”
The CEO of IDA Ireland Martin Shanahan, congratulated Coinbase upon receiving the e-money license from the Central Bank. IDA Ireland is the Irish state agency responsible for attracting foreign investment to the country. He called the development an important milestone for Ireland’s pro-enterprise policy environment.
“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.”
The licence will play an important role towards the company’s mission of creating an open financial system for the world.
Earlier this month, Coinbase announced that they have teamed up with other exchanges like Kraken to launch a Joint Crypto Ratings Council. The council will provide clarification on which tokens will be tradable without the intervention of US Federal Laws.
Also, as reported by The Daily Chain earlier, Coinbase is also one of the cleanest cryptocurrency exchanges according to a report by the Canada-based Blockchain Transparency Institute (BTI) with a very low percentile of wash trading compared to other exchanges.