As per a recent announcement published by Coinbase, its opening of its office in Dublin, Ireland. Additionally in serving to expand its operations in Europe, the new Irish offices are reportedly a part of a contingency plan for when the U.K. leaves the E.U. TheDublinteamcandefyvarietyof newbusiness-related functions,whereasLondonwouldstill remainCoinbase’shead officein Europe.
The IrishMinister for monetaryServices and Insurance ‘MichaelD’Arcy’ commented on the exchange’s expansion added:
“I am delighted that Coinbase islaunching its operations in Dublin. Thiscallhighlights the competitiveprovidingand attractivenessof Irelandforfinancialservices.”
CEOof Coinbase in U.K. ‘Zeeshan Feroz’ while in an interview with ‘Guardian’ told thatthe corporateistryingtomaximizethe talent poolout thereinIreland. Adding further Ferozsaidthatthe new workplacewouldpermitCoinbase to serve its customerswithin theE.U.ought tothe U.K. leave:
Explaining further he added:
“Itis additionallya planB for Brexit. Aswe planfor all eventualities, it’svital thatwecontinueproviding service toour customers across Europe, andIrelandwould be ourmost preferred alternativethere if itcomes toit.”
British Finance minister‘PhilipHammond’ expressed hope that blockchain technologymayguarantee seamless post-Brexit trade between the U.K. and the E.U.,because itpermitsproduct movement to be recorded transparently, without changes.
Earlier inDec.last year, digitalconsultancycluster‘Reply’revealeda studyknown as“Blockchain for Brexit,”in whichit providedanperceptiveanalysis ofhowblockchain technologymayfacilitatewith post-Brexit U.K.-E.U. trade. “The primary contribution of blockchain here is to establisha sturdyand watertightinformation pathfor theproducts,” the report reads,arguingthat such apathwould “reducethe requirementfor inspections at the border.”
Ireland itself has gained anamein Europe as a hub for thetech.businesses, duepartlyto its low taxes and proactive measures to attract business to the country. In June,IDA Ireland, a govt. agencyaccountable forattracting foreign direct investment, startedan initiativeto marketblockchain investment and developmentwithin thecountry.
Even in May,lecturersat the National Universityof IrelandGalwayurgedthe govt.to marketblockchainwithin the country,arguingthat the technology’s potential impact oneconomic processmayreworkbusiness and government operations.