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.

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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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Dublin is the Clear Choice for Coinbase as Its Second European Office

Crypto exchange Coinbase has announced that it is expanding its European presence into Dublin giving it access to Ireland’s growing crypto economy.

In the announcement released today, the San Francisco-based exchange said the move to open a new office in Dublin is part of its wider expansion into Europe. With its headquarters for Europe based in London, the move may also have been taken to offset the impact of Brexit.

However, speaking of the announcement, Zeeshan Feroz, U.K. CEO of Coinbase, said that the addition of the Dublin office will complement the operations in London, which will remain the exchange’s headquarters.

“When considering the location of our second European office, Dublin was the clear choice – it’s an English-speaking EU member state that boasts a diverse talent pool, entrepreneurial spirit, and long-standing support for technological innovation,” Feroz added.

As a result of rising customers with the exchange in the EU growing faster than any other market last year, the exchange said that it needed to look for the “best, most qualified and passionate talent” to deliver an open financial system.

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

News of the Dublin office comes at a time when the crypto exchange is building its product out to different regions. In June, the platform announced that it was expanding its presence to Asia with a new office in Japan. At the time, it was noted that the Japanese office will lay the foundations for “Japan’s crypto investors to access a range of Coinbase’s products.”

In a bid to become more attractive to institutional investors it launched a suite of products in May. These include the Coinbase Custody, the Coinbase Markets, and its Coinbase Prime. Its Coinbase Pro is an evolution of its GDAX platform, which is specifically designed for individual traders.

Founded in 2012, the platform currently has five crypto assets available on it: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ethereum Classic, which are available across 33 countries. Earlier this month, it announced that Ox (ZRX) was now available to trade on Coinbase Pro.

Fifth Largest Crypto Exchange Huobi Lists Four USD-Backed Stablecoins, Following OKEx

Another major crypto exchange Huobi has announced the listing of four stablecoins at once, according to an official statement Tuesday, October 16.

Starting Friday, Oct. 19, the fifth largest crypto exchange by trading volume will start accepting deposits of four USD-backed stablecoins – Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD).

The Huobi Global team noted that the stablecoins are already available on Huobi Wallet, while the launch time and other details are set to be announced at a later time.

Huobi also stated that they will release detailed plans for over-the-counter (OTC) trading of the stablecoins on Huobi OTC “soon.”

The move from Huobi follows closely on the heels of an almost identical announcement about the listing of the same four stablecoins by the second top crypto exchange by trading volume, OKEx, yesterday, Oct. 15. OKEx has already launched deposits in the four stablecoins, with withdrawals available starting from today.

Also on Oct. 15, blockchain trust company Paxos announced it had issued about $50 million worth of its stablecoin Paxos Standard Token. The Ethereum (ETH) blockchain-based stablecoin has received regulatory approval from the New York State Department of Financial Services (NYDFS) on September 10, together with another stablecoin Gemini Dollar that was launched by Winklevoss brothers.

Yesterday, U.S.-based cryptocurrency payment processor BitPay also launched stablecoin support, enabling merchants to receive settlements in Gemini Dollar and Circle USD Coin (USDC).