Crypto exchange Coinbase has acquired a Virtual Asset Service Provider license from the Central Bank of Ireland, the company reported on Wednesday. Coinbase aims to provide products and services to individuals and institutions in Europe and internationally from Ireland. Additionally, Coinbase has named Cormac Dinan as the new Country Director for its Irish unit.
The approval was announced by Coinbase on their official website on December 21, announcing that it had registered with the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP) in the country. For information Coinbase has been operating in Ireland since 2018.
Coinbase's Irish operations will be managed by new Country Director Cormac Dinan. He has more than 20 years of experience in the financial services and fintech industry. In his keynote address, he stated:
“As the most trusted and secure cryptocurrency exchange, Coinbase has developed its technology and regulatory procedures together with the industry. I look forward to strengthening the Irish operation and helping the continued growth of the sector. Creating an environment that champions innovation while strengthening trust in crypto is something I really want to highlight.”
The VASP license covers two Coinbase entities based in Ireland Coinbase Europe Limited and Coinbase Custody International Limited. Coinbase Europe provides crypto trading services across Europe and Coinbase Custody International provides crypto services to institutional clients across Europe.
The market cap of publicly listed crypto firm Coinbase has fallen below $8 billion. Shares of Coinbase (COIN) are down 90% since listing in April of last year, ending trading at $34.97 on Tuesday.
Reports of Coinbase's valuation falling below market cap are worrying the crypto community. This is due to the recent fall in FTX and related Binance FUD.
