Coinbase Acquires e-money License from the Central Bank of Ireland
- Coinbase becomes one of the few companies like Facebook and Stripe to obtain the license
- The e-money license in Ireland is part of the company's European journey and expansion
Cryptocurrency exchange Coinbase is all set to expand its operations in Europe with its e-money license from the Central Bank, the company announced on Oct. 12.
With this step, Coinbase has become “one of just a few companies” that received the e-money license. Facebook and Stripe are two of the handful of businesses that obtained the license to provide services for users across Europe.
Last year, the company made its first step into Ireland with a new office in Dublin. Now, it has received an e-money license by the Central Bank of Ireland.
Europe, the company says “represents a huge opportunity” for Coinbase and this approval will allow it to secure passports for its customers across the EU and EEA.
This second regulatory approval from the European regulatory authority positions the company as the “world’s most trusted cryptocurrency platform.” It further means providing the same safeguarding and security as any other regulated financial institution.
“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,”
said Martin Shanahan, CEO, IDA Ireland.
The company currently employs more than 40 people in the Republic, shared Zeeshan Feroz, UK chief executive of Coinbase. After obtaining this new license, the headcount, he said would continue to grow locally.
“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,”
He further shared that Coinbase handles compliance, finance, support operations and other functions in Dublin.
“There’s a whole bunch of things we’ve placed in Dublin to operate as a service centre for Europe and other markets, and as we continue to grow Ireland is positioned very well to hire more people,”