Coinbase to expand Irish operations after securing e-money licence

Coinbase, a digital currency exchange whose backers include Spanish bank BBVA and the New York Stock Exchange, is to expand operations here after securing an e-money licence from the Central Bank.

The company is one of a small handful of businesses that also include Facebook and Stripe which have obtained the licence to provide services for users across Europe regardless of the outcome of Brexit negotiations.

Founded in San Francisco in 2012, Coinbase allows users to buy and sell cryptocurrencies such as bitcoin, etherum and litecoin. The company has more than 30 million users, while over $150 billion (€136bn) has been traded on its platform.

Having established its European headquarters in London just over two years ago, it also set up an office in Dublin last year largely as a hedge against Brexit.

“Europe represents a huge opportunity for Coinbase, and today’s announcement is another positive step for us in the region. The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest growing markets. It will also allow us to secure passporting for our customers across the EU and the European Economic Area,” the company said in a blogpost.

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