Coinbase Eyes Ireland In An Attempt To Make A Global Push
One of the biggest names in the crypto ecosystem, Coinbase just revealed that they are considering the Irish Republic as its next push to expand local markets around the globe.
Over the years, the capital of Ireland has famously become one of the European fintech hotspots. Numerous companies have set up offices in Dublin. It was obvious that cryptocurrency service providers are exploring very similar options.
Nevertheless, a final decision in this regard has not been made as the company is still examining the local market. Ireland, like most countries, does not have an active regulation currently.
The Irish state development agency, IDA, is currently supporting the Coinbase plan for the capital. This support is in keeping with IDA statements earlier this year which were very supportive of cryptocurrency. Its new initiative, established by the Irish Blockchain Expert Group, an IDA Ireland-led forum, has been set up to involve Irish companies working with blockchain technology towards innovation and promotion of the republic.
Ireland has a very forward-thinking approach to blockchain technology. Recently, National University of Ireland (NUI) authors of a study on the adoption of blockchain approached the government to promote a more widespread use of the technology in the country.
Both IDA and Coinbase have declined to comment on the move, although it appears Coinbase has a clear strategy for Dublin, incorporating the local Coinbase Ireland Limited recently and installing four directors from the US-based parent company. However, an IDA spokesman commented recently before the move, that:
“We regard blockchain as an area with huge potential and we are seeing great interest among IDA Ireland’s client base. This initiative will enhance the blockchain industry in Ireland and our position as a global blockchain centre of excellence.”