Coinbase Vice president of operations and technology, Tina Bhatnagar, announced the launch of a new office in the capital of Ireland. The reason is an increased number of European users.
B is for Brexit
Coinbase team already has a headquarter based in London. But the situation around Brexit made exchange executives create a backup plan.
As Coinbase’s UK CEO Zeeshan Feroz said that Brexit itself would not affect the crypto industry. Still, many cryptocurrency companies may have some situations that cross with the conventional financial sector. That is why having plan B is a sensible thought.
“Coinbase and a few other crypto businesses are essentially two businesses: they are a regulated financial service provider – we have an e-money license with the FCA – and on the other half they provide crypto services. And clearly as a regulated financial institution, if we don’t have access to passporting, we have to look for alternatives,” – stated Zeeshan Feroz.
The U.K. will leave the European Union on 29 March 2019.