Coinbase Opens Office in Dublin to Serve the European Market

The leading cryptocurrency exchange, Coinbase, has announced the opening of its new office in Dublin, the Irish capital city.


Firm Starts European Operations

Coinbase, the U.S.-based leading cryptocurrency exchange, has been working aggressively to grow its business. As part of its growth strategy, the company has taken multiple steps, including the launch of services for institutional customers (Coinbase Custody, Coinbase Prime, and Coinbase Institutional Coverage group), a partnership with Caspian to provide advanced trading tools, the launch of new “bundle” offerings, and plans for adding new coins.

Now to service customers in Europe, the firm has set up its office in Dublin, the capital of Ireland. The announcement states:

The number of Coinbase customers in the European Union (EU) grew faster than any other market in 2017. As we scale, we need to attract the best, most qualified and passionate talent to help us achieve our mission of creating an open financial system for the world.

As reported by Live Bitcoin News earlier this month, the firm is also looking to raise $500 million for further expansion and was in negotiations with investment firm Tiger Global that would value the firm at around $8 billion.

coinbase

Dublin’s Growing Eco-System

The firm boiled down their choice to the city to Dublin after looking at various venues across Europe. The Irish capital emerged as the city of choice due to its local talent pool, support for technology innovation, and the growing blockchain community.

Dublin is home to many blockchain facilities and will be hosting a conference being organized by the International Organisation of Standards (ISO) next year.

“Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical businesses operations,” said Martin Shanahan, CEO of IDA Ireland, the country’s inward investment agency. He added:

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.

Ireland

A Welcome Development for Ireland’s Fintech Sector

The Dublin office would complement the existing operations in London. As the firm plans to set up new functions, it will create new jobs in the city. It will also help build expertise in blockchain technology.

Expressing his pleasure at the development, Michael D’Arcy T.D, Minister for Financial Services and Insurance, said:

I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services.

Coinbase continues to take aggressive steps to grow and expand its wings across different geographies. That the firm, which is one of the world’s oldest, largest, and most trusted platforms in the cryptocurrency space, wants to maintain its position as a leading player is evident.

Do you think opening an office in Dublin will help Coinbase grow its business in Europe? Let us know in the comments below.


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Monero Price Analysis: XMR/USD Bullish Reversal Formation

Monero could be done with its slide as it forms an inverted head and shoulders pattern, which is seen as a classic bullish reversal signal. Price has yet to break past the neckline resistance around $130 to confirm that an uptrend is underway.


The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Also, the 100 SMA appears to be holding as dynamic resistance at the moment. Then again, the gap between the moving averages is gradually narrowing to signal slowing selling pressure.

Also, stochastic is starting to turn higher after reaching oversold levels, suggesting that buyers are ready to return. A bullish divergence can also be seen as price made higher lows since mid-September while the oscillator had lower lows. RSI is also pointing north so Monero price might follow suit. The chart pattern spans $80 to $140, so the resulting uptrend could be of at least the same height.

Monero

Litecoin founder Charlie Lee’s remarks on how he’s interested in Monero spurred a huge interest for this particular altcoin. Recall that Lee previously sold off his Litecoin holdings so his interest in a different digital asset suggests that it holds more advantages than the one he created himself.

Speaking to SFOX, Lee mentioned that it was the privacy factor of Monero that has drawn his attention, saying:

Another project that I’m interested in as Monero: I think a bit of privacy and fungibility is something that’s missing from Bitcoin and Litecoin, and it’s very much needed.

Lee has previously tweeted about Monero, responding to a hint from Spagni that Litecoin and Monero are working on a project together – something that Lee said that could be possible.


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Binance Opens Fiat-To-Crypto Exchange in Uganda

Binance Opens Its First Fiat-To-Crypto Exchange in Uganda

Exchanges

On Oct. 15, Binance announced the launch of its fiat-to-cryptocurrency exchange in Uganda. The world’s biggest digital currency exchange said users in the East African country are now able to complete full account verification starting immediately. Deposits and withdrawals of the local fiat currency, the Ugandan shilling, start on Wednesday.

Also read: Bitcoin After Death: The Perils of Sharing One’s Fortune

Exchange to Initially Support Trades Between Ugandan Shilling and BTC, ETH Only

“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, chief financial officer at Binance, in a press statement. “We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018.”

Zhou also stated that: “This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region.”

The exchange will initially support trading of the local shilling unit with bitcoin core (BTC) and ethereum (ETH), Binance said. More trading pairs are to be added in the coming months, it detailed, adding that “users are exempt from trading fees during the first month.” The Ugandan subsidiary is capable of processing 1.4 million transactions per second, with 24-hour client support.

Binance is the world’s biggest digital currency exchange, with 24-hour volume of about $1.97 billion worth of BTC alone, according to data from Coinmarketcap.  The company has revealed plans to open fiat-capable exchanges in Liechtenstein, Malta and Singapore. Until now, the exchange had been optimized for crypto-to-crypto trades only.

In Uganda, cryptocurrency and blockchain adoption and development continue to see growth. That’s despite warnings by the Bank of Uganda against the use of unregulated currencies in the form of bitcoin and other digital coins. The country of 44 million people is home to various blockchain conferences, associations and communities, with support at Cabinet level.

African Investors Welcome Binance’s Ugandan Presence

Investors in Africa have cheered Binance’s move into Uganda. “This is great news!” Michael Kimani, a leading Kenyan crypto proponent, tweeted.

“(It) will spark a race across African countries on setting up [a] favorable environment for cryptocurrency trading against African currencies. Muhimu (vital) for cross border trade, intra-African trade, online payments, remittances, trading, investing…” he wrote.

Binance Opens Its First Fiat-To-Crypto Exchange in Uganda

Binance’s presence in the East African nation is expected to boost financial inclusion in a country where only 33 percent of citizens use registered financial accounts. But this is a place where bitcoin looks likely to flourish unhindered. Some shops and restaurants in Kampala – Uganda’s capital – now accept bitcoin as a means of payment.

Ugandan President Yoweri Museveni has spoken positively about blockchain technology – but not cryptocurrencies. He told the Africa Blockchain conference organised by the Blockchain Association of Uganda in Kampala in May of the need “to look for a new technology of enabling things to move faster and new systems that go with it.”

His central bank governor Emmanuel Tumusiime-Mutebile had apparently spoken to the contrary in an earlier address to the same conference. Mutebile accused blockchain technology of lacking the necessary support to sustain a currency. But Ugandans, mostly professionals, have taken a particular liking to virtual money, bitcoin especially.

What do you think about Binance’s move into Uganda? Let us know in the comments section below.


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