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Getting of the Irish e-money license is a major milestone for the crypto trading platform Coinbase and its European expansion.
The Central Bank of Ireland has recently granted e-money license to crypto exchange Coinbase. This gives the crypto trading platform a license to expand its financial services throughout Europe.
In a blog post last Saturday, October 12, Coinbase CEO Zeeshan Feroz said that this is a major milestone for the trading platform. Besides, Coinbase also begins the first company to get a license from the Irish Central Bank.
A year ago Coinbase opened up its office in Dublin. Today’s announcement will help Coinbase customers to get better access to the EU and European Economic Area (EEA). The blog post mentions:
“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 passporting for our customers across the EU and EEA”.
Zeeshan Feroz further added that Coinbase is committed to bringing quality and secure services to its customers. Besides, getting these licenses and approval from the European authorities cement its position as one of the most-trusted cryptocurrency platforms.
“The intent was always to provide a base for us in the EU beyond Brexit, but it has also given us access to talented resources and to the license we’ve just received. The functions we’ve got on the ground in Dublin include compliance, finance, support operations and more,” mentioned Feroz speaking to the Irish Times.
Martin Shanahan, CEO, IDA Ireland congratulated Coinbase on this important milestone and 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.”
On the other hand, U.K. is preparing itself for a Brexit that will cut itself from the European Union. It remains to be seen as to how Coinbase will let this transition happen at its end.