Since the public in the United Kingdom decided that they will leave The European Union through Brexit, companies have been making contingency plans.
Many companies are based in the country and they will be looking to move their operations by the time Brexit finally comes into effect. They want to have access to a borderless European economy and not have to deal with all sorts of barriers that the United Kingdom will soon have to face.
Coinbase already has a presence in Dublin, Ireland. They are looking to expand their reach in Europe, especially given the upcoming Brexit. It is another positive move for Ireland who successfully hosts the European headquarters for many tech firms, including the likes of Apple.
Talking about this Coinbase announcement, the minister for financial services and insurance in Ireland Michael D’Arcy said, ”I am delighted that Coinbase is opening an office in Dublin. This decision highlights the competitive offering and attractiveness of Ireland for financial services”.
Dublin is a city that has a lot of talent available for these companies who are looking for skilled workers. Coinbase has a significant presence in the United Kingdom, but they have a contingency plan in place due to Brexit. They want to be able to service their customers as best as possible in Europe, which means largely departing out of the UK once Brexit kicks in.
They currently have offices in 32 different nations. London is known as being their headquarters outside of the United States and they maintain that this will still be the case. However, with this news, it is another big boost for Ireland, which is becoming one of the leading destinations in the continent when it comes to blockchain technology.
It will be interesting to see how many major companies keep their European headquarters in the likes of London when Brexit comes or if there will be a mass upheaval. Only time will tell.