Coinbase Exchange Launches Custody Services Arm In Ireland

The well-known cryptocurrency exchange that is based in the United States of America, Coinbase, has founded an entity in Ireland in order to take a share in the European market i.e. to offer its custody services to the European institutions as we are about to read further in the coinbase news today. The coinbase exchange continues its plans for expansion across the world with the new launch.

According to an announcement from Coinbase published on January 30^th, 2020 the new corporation will be called Coinbase Custody International, the new entity is based in Dublin. The services by the company will be exactly the same as the ones offered by Coinbase Custody, adding that it will take over all the staking activities performed by the exchange.

Coinbase Custody firstly began to offer to stake for select cryptos in March of 2019, and then expanded the service to international in November. While the Coinbase Exchange Custody branch had served European clients in the United Kingdom, Switzerland, Germany, Finland, and the Netherlands since 2018, the new corporation that will be dedicated to that region gives an opportunity for completely localized service. Through the announcement, this will bring advantages of local staff, localized service-level agreements and far clearer compliance with the law of the European Union:

 “Europe is our fastest-growing geographic segment and our international launch is a direct result of client demand. By offering our services from the same region in which our clients are located, it’s our goal that they will benefit from greater legal and regulatory clarity.”

Coinbase also noted that in the coming months it has the plan to add support for more cryptos and features to its international custody service. Also, Ireland has some of the lowest corporate income tax levels in Europe which earned the reputation of Ireland as a tax haven, besides the protestations of lawmakers. Actually the nation has a third-lowest corporate income tax rate among OECD countries as of 2019. As cryptocurrencies build their status as a new financial asset class, the demand for services such as crypto asset custody is growing. A research and innovation manager at industry expert association Blockchain Zoo, Rohan Barde, explained that custody services must attract institutional investors who have the goal of reducing risk and want to comply with regulatory standards.