As part of a contingency plan should U.K eventually decide to leave the E.U., San Francisco-based cryptocurrency exchange, Coinbase has announced the opening of a new office in Dublin, Ireland. This is in line with the cryptocurrency exchange attempt to expand its operations into Europe.
Following the announcement, it is expected that the Dublin team will handle a number of business related activities while the London headquarters will remain the main operational base for the cryptocurrency exchange. Commenting on the establishment of the office, Michael D’Arcy, the Irish Minister for Financial services stated that:
“I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services.”
Speaking to the Guardian, the cryptocurrency exchange CEO in U.K., Zeeshan Feroz noted that the company is looking to take advantage of the talent pool in Ireland. Adding that the Dublin office would allow the cryptocurrency exchange serve its European client better should the U.K leave the Eurozone:
“It is also a plan B for Brexit. As we plan for all eventualities, it’s important that we continue servicing our customers across Europe, and Ireland would be our preferred choice there if it comes to it.”
Per earlier reports, should Brexit finally happen, The U.K. and E.U. have arrived at a unanimous decision to leave the border between the Northern Ireland and Republic of Ireland open. Nonetheless, the U.K. has concluded plans to leave the E.U. Customs Union.
On his part, Philip Hammond, the British finance minister expressed optimism that blockchain technology can ensure a hassle free post Brexit trade, as the technology allows for product to be moved and recorded transparently without any changes.
Elsewhere, academics from the National University of Ireland Galway had in May urged the government of Ireland to promote blockchain technology, stating that the technology had the potential to greatly impact the economy of the region. Also, it is worthy to note that Ireland is a signatory to the European Blockchain Partnership which was implemented by the European Commission this spring.