Coinbase, the leading cryptocurrency trading platform in the US, just scored a major victory for its expansion plans in Europe.
Regulators from the Central Bank of Ireland have granted the San Francisco-based exchange an e-money license, making it one of only a few companies in the space to obtain such approval.
The company says its latest milestone will allow it to expand its operations in Ireland and across some its fastest-growing markets. Coinbase first stepped into Ireland at the end of 2018 when it opened a new office in Dublin, a hotspot in the growing European digital economy.
Management says its expansion in Ireland represents a huge opportunity for Coinbase to grow its operations in Europe at large.
According to the announcement,
“[The approval from the Central Bank of Ireland] will also allow us to secure passporting for our customers across the EU and EEA. We are committed to ensuring that our customers have the same safeguarding and security as any regulated financial institution, and the approval of a second European regulatory authority demonstrates our position as the world’s most trusted cryptocurrency platform.”
Globally, the license will facilitate Coinbase’s ultimate mission of leading the new decentralized financial movement.
The company remains focused on challenging legacy banking by building a new open, crypto-based system that can more easily people around the world who have no bank accounts or are lacking affordable financial services.