Coinbase Expands Its Reach
In its relentless quest to conquer the crypto world, Coinbase has established a new entity in the emerald isle of Ireland, aptly named Coinbase Custody International. Set up to cater specifically to European institutions, this move signals a strategic expansion of their crypto custody services. Announced on January 30, this new venture is not just a fancy branch office but a fully functional hub rooted in Dublin’s bustling economic landscape.
What’s on Offer?
So, what can European clients expect from Coinbase Custody International? Well, they’ll receive the same level of service they’ve come to love from Coinbase Custody, plus a little extra flair – all staking activities that Coinbase previously managed will now be under this new entity. It’s like getting your favorite ice cream flavor, but with sprinkles on top!
Local Service, Local Support
The big advantage of setting up shop in Ireland is the benefit of localized operations. Previously, Coinbase was busy serving clients across countries like the UK, Germany, and the Netherlands, but now they get to roll out the red carpet with a local touch. As Coinbase put it, “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.” This means European clients will enjoy dedicated staff who understand the local nuances and compliance requirements like the back of their hand.
Tax Benefits? Don’t Mind If We Do!
And let’s not overlook the elephant in the room – or should we say the pot of gold? Ireland’s corporate income tax rates are notoriously low, making it a beacon for businesses looking to minimize tax liabilities. Even if local lawmakers shake their heads, the fact remains: Ireland attracts companies like a magnet due to its favorable tax environment. Who knew custodianship could be so profitable?
The Growing Demand for Custody Services
With cryptocurrencies gaining a stronger foothold in the financial ecosystem, the demand for specialized custody services is skyrocketing. Rohan Barde from Blockchain Zoo noted, “Custody services are essential for attracting institutional investors who want to minimize risks and adhere to regulations.” It’s no longer just about buying a Bitcoin; it’s about safely securing it with all the bells and whistles.
Looking Ahead
As Coinbase embarks on this exciting European adventure, they’ve hinted at adding more cryptocurrencies and features to their international custody service in the near future. So buckle up, crypto enthusiasts, it looks like Coinbase is just getting started!
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