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Cryptocurrency exchange Coinbase is securing a new foothold in Europe after it obtained an e-money license from the Central Bank of Ireland.
As per an announcement made by Zeeshan Feroz, Coinbase’s CEO of its United Kingdom arm, the exchange has become “one of just a few companies” to gain approval in Ireland.
“Europe represents a huge opportunity for Coinbase and today’s announcement is another positive step for us in the region,” Feroz said, adding that the e-money license will allow the exchange to expand its Irish operation, provide better products, and secure passporting for its customers across the European Union (EU) and European Economic Area.
Coinbase opened its first office in Dublin, Ireland, in October 2018 to extend its operations in Europe and as a contingency plan in case the U.K. leaves the EU.
Martin Shanahan, CEO, IDA Ireland, said that the move reinforces Ireland’s strength as a financial service destinations for firms, “providing a consistent, certain, pro-enterprise policy environment for businesses to grow and thrive.”
Meanwhile, the news came after the San Francisco-based exchange recently announced it is providing a 1.25% annualized interest rate for holders storing USD coin (USDC) on its platform, as it aims to help clients grow their wealth.
Clients can gain annual percentage yield rewards on a monthly basis, and they can earn interest without the need to sell or transact any cryptocurrency.
Last month, Coinbase also revealed its plans to add support to a range of new assets, especially on those that have not launched.
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