Coinbase has expanded its European presence with new Dublin office and is going on a hiring spree for various new business-related functions.

The digital currency platform stated that its customer base in the European Union (EU) grew faster than any other market in 2017 - and continues to in 2018 - so it began looking for a new base in the region.

After being founded in San Francisco in 2012, Coinbase became available to European customers in 2014, with the London office opening in May 2017.

In March last year, it received an e-money license from the Financial Conduct Authority. At the same time, Coinbase announced it was adding support for the UK’s Faster Payments Scheme, after becoming the first crypto exchange to obtain a UK bank account with a major British bank.

Zeeshan Feroz, UK chief executive of Coinbase, said the office will complement the operations of the company’s existing London hub, which will remain its European headquarters.

“When considering the location of our second European office, Dublin was the clear choice - it’s an English-speaking EU member state that boasts a diverse talent pool, entrepreneurial spirit, and long-standing support for technological innovation.”

Ireland’s minister for financial services Michael D’Arcy added: “This decision highlights the competitive offering and attractiveness of Ireland for financial services.”

In April, the Central Bank of Ireland launched an innovation hub and industry engagement programme to keep up with the evolving FinTech and regulatory landscapes. This was followed in May by Enterprise Ireland starting up a €500,000 fund to stimulate FinTech startup activity in the country.

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