Coinbase Eyes European Growth After Winning Irish E-Money License

Cryptocurrency exchange Coinbase has been granted an e-money license by the Central Bank of Ireland.

Writing in a company blog Saturday, Coinbase UK CEO Zeeshan Feroz said the exchange is one of the very first firms to receive the license from the central bank, following a Dublin office opening a year ago.

The license will also help open up EU and European Economic Area (EEA) markets for Coinbase customers, Feroz said.

Speaking on the announcement, state-sponsored business development agency IDA Ireland – which was set up to attract foreign investment to Ireland – called the move a net positive for the local financial industry

As CEO Mike Shanahan put it:

“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.”

Coinbase was granted a U.K. e-money license by the Financial Conduct Authority in March 2018, allowing the exchange to operate as a money service in the country.

While the U.K. is currently an EU member state, its government is currently attempting to leave the economic bloc via the so-called Brexit in coming weeks or months. If it goes ahead, the separation would render Coinbase’s local license of limited benefit.

Earlier this month, Coinbase gained access to the UK’s Faster Payment Scheme through ClearBank following a split with banking partner Barclays that temporarily caused deposit and withdrawal issues for users.

Coinbase CEO Brian Armstrong image via Coindesk archives