(Bloomberg) -- Coinbase Inc., one of the biggest U.S. cryptocurrency exchange operators, is expanding its European presence with a Dublin office as Brexit uncertainty continues to push companies to create contingency plans.
“The Dublin team will complement Coinbase operations in London and host a variety of new business-related functions,” the San Francisco-based company said in a blog post. London will remain the company's European headquarters and handle international business outside, the U.K.-regulated firm said. Its European Union customers grew faster than any other market last year, the company added.
Ireland's capital has shown willingness to foster a new crypto-friendly scene as other major European financial cities remain on the fence when it comes to regulating the digital-currency market. The country's revenue commissioners issued tax guidelines on transactions in May to clear up queries that businesses and individuals had. As Brexit uncertainty looms over London-based firms, Dublin has positioned itself as a likely alternative for European operations.
Zeeshan Feroz, Coinbase's U.K. chief executive officer, said that “when considering the location of our second European office, Dublin was the clear choice -- it's an English-speaking EU member state that boasts a diverse talent pool, entrepreneurial spirit, and long-standing support for technological innovation.”
To contact the reporter on this story: Nour Al Ali in Dubai at nalali1@bloomberg.net
To contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, ;Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Andrew Dunn
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