As part of the global expansion plan, US cryptocurrency giant Coinbase is planning to set up an office in Dublin, Ireland.
San Francisco-based Coinbase is one of the world’s largest cryptocurrency exchanges, and they are looking at the local market with the help of IDA Ireland to decide whether to set up an office in Dublin. In fact, Coinbase has started recruiting in Dublin, providing jobs including customer support analysts, regulatory compliance officers, and office managers.
In July of this year, set up a local subsidiary, Ireland Limited, in Ireland. Three of the company’s four directors are from senior executives of the US parent company, and the other is UK business leader. Serving as CEO of Coinbase Ireland Limited.
However, Coinbase has never made an official comment on its Irish market expansion plan and has not disclosed how many employees will be recruited locally. The Irish Industrial Development Authority also declined to comment on the matter.
Founded in 2012, allows users to purchase and sell cryptocurrencies such as Bitcoin, Ethereum, and Litecoin on their platforms. With Bitcoin prices soaring to nearly $20,000 last year, the cryptocurrency market has grown rapidly. However, even though bitcoin prices have fallen to around $7,000, Coinbase has earned more than $1 billion in revenue.
Coinbase has more than 20 million users and its platform handles cryptocurrency transactions in excess of $150 billion. At this stage, Coinbase has reached a valuation of $8 billion and is supported by a number of well-known venture capital firms and investors, including Andreessen Horowitz, DFJ Ventures, and Y Combinator. In August last year, the company completed a $100 million Series D financing and has been actively pursuing growth and expansion.
This year, Coinbase acquired eight companies in the financial technology, cryptocurrency, and digital identity industries, and also invested in the Australian blockchain game startup Fuel Games. In June, the company’s Customer Support and Compliance Office in Portland, Oregon and Tokyo, and the establishment of an office in Tokyo were part of their plans to enter the Asian market.
Earlier this year, Coinbase announced plans to open an engineering center in Chicago and will operate in London and New York.
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