DUBLIN, Ireland - Set up in San Francisco in 2012, the leading U.S. digital currency exchange Coinbase has revealed its Brexit contingency plan, by setting up an office in Dublin.
Coinbase, which supports five assets on its consumer app, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin, has opened its Dublin office to help deal with the potential Brexit fallout.
The U.S. company, which has grown to become one of the world's largest cryptocurrency exchanges and wallet providers currently has over 500 employees worldwide.
After expanding operations in 33 countries and setting up offices in San Francisco, Chicago, New York, Portland, Tokyo and London, Coinbase became available to European customers in 2014.
Commenting on the company's London office, which was set up in May 2017,Coinbase clarified that it had launched an office in Dublin as part of the group's Brexit contingency plan.
However, Coinbase confirmed in its statement that its London office will continue to operate as the group's European headquarters.
Zeeshan Feroz, U.K.CEO of Coinbase said in a statement that the development reflects the company's growing presence in what has become its fastest growing market - Europe.
Feroz said, "Our Dublin office signals Coinbases growing presence in Europe and will complement the operations of our London hub, which will remain our European headquarters."
He added, "When considering the location of our second European office, Dublin was the clear choice its an English-speaking EU member state that boasts a diverse talent pool, entrepreneurial spirit, and long-standing support for technological innovation."
While the company has not categorically mentioned the number of jobs it is hoping to fill, it pointed out that the careers section of its website has listed all the open roles.
The company said in its statement, "The Dublin team will compliment Coinbase operations in London and host a variety of new business-related functions, including roles for which were hiring right now."
Michael DArcy, Minister for Financial Services and Insurance said that Coinbase's decision to locate here "highlights the competitive offering and attractiveness of Ireland for financial services."
Further, Martin Shanahan, CEO of IDA Ireland said, "Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical businesses operations. We look forward to welcoming Coinbase into the Irish economy and helping them access our talented pool of young professionals from the technology and financial services sectors."
Meanwhile, as Coinbase tries to offset the global fall in bitcoin and cryptocurrency trading volumes this year, it has also announced that ZRX is expected to be added to the app in the coming weeks.