Coinbase, a cryptocurrency exchange firm in San Francisco, has newly opened a branch in Dublin, Ireland. In order to expand the business in Europe, Ireland is a great option considering after Brexit.
The Dublin team will do various new business-related functions until the London office stays in Europe. The Irish Minister of Financial Services and Insurance Michael D’Arcy stated that opening an office in Dublin is such a pleasure for the country to bring competitive offering and attractiveness for financial services.
U.K. CEO for Coinbase, Zeeshan Feroz, talked to the Guardian that the company is seeking an opportunity to capitalize on the talent pool which is available in Ireland. Feroz added that the Irish coffee will enable Coinbase to serve its customers in the E.U.. It is important to have a plan B for Brexit because the company wants to continue the service to customers in all over Europe.
It is positive that even after Brexit, the U.K. and the E.U. agreed to let the border between the Northern Ireland and Republic of Ireland open. However, the U.K. wants to exit the E.U. Customs Union. Philip Hammond, the British finance minister, expressed that the blockchain technology can be a great help to let post-Brexit trade between the U.K. and the E.U. in smooth way. This will allow product movement to be tracked transparently and without changes.
In 2017 December, digital consultancy group, Reply, published a study called “Blockchain for Brexit”. It provides an trustful analysis of how blockchain can help U.K. and E.U. trade after Brexit. “The primary contribution of blockchain here is to build up a concrete and flawless data trail for goods. Maybe some can decrease the stress which comes from the border inspections.
Ireland has gained a reputation in Europe as a centre of the tech industry with its low corporate taxes and proactive measures to bring business to the country. In May, academics at the National University of Ireland Galway forced the government to boost the blockchain in the country by emphasizing the potentials it has on economic growth with the changes in business and government operations. Ireland takes also a huge part in European Blockchain Partnership. Furthermore, in June, IDA Ireland, a governmental agency for attracting direct investment from foreign countries, began to advertise blockchain investment and development in the country.
Author: Jieun Lee