Coinbase looks to be keeping its European HQ in London – but it’s hedging it bets…
The fluctuating cryptocurrency market in itself is a financial mystery to many. Even on what appears the calmest day, price volatility can suddenly appear out of seemingly nowhere. However, for the UK, there’s now just a matter of months before it leaves the European Union, and that in itself is throwing up another collection of unknowns.
Cryptocurrency and Brexit together? Well, that’s a different level of mystery.
Coinbase, for one, isn’t taking chances. The American cryptocurrency exchange has confirmed that it’s set to open a new office in Ireland, as it builds its contingencies ahead of March next year, when the UK departs the EU. The new office will be based out of Dublin, and Coinbase has added that it’s looking to hire around 12 people to staff it in the first instance.
Talking to the Financial Times, Coinbase chief executive Zeeshan Feroz confirmed that “Ireland does offer us a home in a post-Brexit scenario”.
He said that “it could serve as our gateway in the future… we’re planning for all eventualities”.
Coinbase also has a London office, and that’s likely to continue too. It serves as the exchange’s European headquarters, and that’s not changing anytime soon.
If anything, though, it sounds as though Coinbase is mitigating against potential problems that may yet appear. It’s said to have settled on Ireland because of its growing technology community, and its modest tax regime. That, and its closeness to the UK.
Expect the Dublin office to come to life over the coming months.