By Coinbase is spreading its wings across new horizons as it was just granted an e-money license from the Central Bank of Ireland.
Zeeshan Feroz, CEO of the United Kingdom branch of the San Francisco-based popular cryptocurrency-based exchange Coinbase, announced that Coinbase has become one among a handful of companies that have received an e-money license in Ireland. With this new development, Coinbase strengthens its foothold in Europe.
The company first opened its office in October 2018, in Dublin, Ireland as a contingency plan in case the U.K leaves Europe. 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, 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. Shanahan said:
“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 be another important step toward the companies 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.
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