Expanding their horizons has been a growing need for exchange companies, so Coinbase has reported receiving an electronic money license from the Central Bank of Ireland, one of the few that has achieved it.
Through a blog post on Saturday, Coinbase UK CEO Zeeshan Feroz said the crypto exchange is one of the first to receive such a license from the bank. So, as you can imagine, such approval marks an expansion of Coinbase operations in Ireland, after the opening of its office in Dublin last year.
An interesting aspect of this is that it represents a step forward to guarantee access to European customers before the planned departure of Great Britain from the European Union, an event known as the Brexit that is scheduled for October 31.
Recall that Coinbase previously received a license from the British Financial Conduct Authority, which precisely opened the doors to expand to the United Kingdom. However, Brexit, as you can imagine, could make it difficult for Coinbase to operate in the rest of Europe.
In addition, Martin Shanahan, CEO of IDA Ireland, said:
“The choice of Dublin Coinbase for this operation reinforces Ireland’s strength as a destination for financial services companies, providing a consistent, secure and pro-business policy environment for businesses to grow and prosper.”
Coinbase also commented on the matter at the time of the opening of the office in Dublin, stating:
“European expansion will create new jobs and grow the burgeoning Irish crypto economy”