Coinbase has opened a Coinbase Custody unit in Ireland, which operates as a separately capitalised business for Coinbase Inc.
Coinbase Custody initially began offering staking for the most popular cryptocurrencies in March 2019 and expanded that service to the international arena in November last year.
Coinbase, one of the world’s leading cryptocurrency exchanges, continues to work to deliver a better service. This time, the focus was on Europe and the cryptocurrency custody service. The US company established a unit in Dublin, the capital of Ireland, called “Coinbase Custody International”.
The services of this new company will be the same as those provided by Coinbase Custody. In addition, it will take over all the exchange’s staking activities.
“Coinbase Custody operates as an independent, separately capitalised business for Coinbase Inc. Coinbase Custody is a fiduciary under New York State Banking Law. All digital assets are segregated and held in trust for the benefit of our customers,” the authorities explain on their own website”.
At the same time they add:
“Given that many funds act as fiduciaries for their investors, obtaining rewards through delegated proof of staking activities has always been difficult due to the risk. As the first custodian to offer a rethink of secure, offline asset storage, Coinbase Custody changes this calculus.”
Coinbase Custody
Coinbase Custody initially began offering staking for the most popular cryptocurrencies in March 2019 and expanded that service to the international arena in November last year. The company has been serving European clients in the UK, Switzerland, Germany, Finland and the Netherlands for two seasons now, a new dedicated entity will enable a fully localised service.
Establishing Coinbase in Europe
The choice of Ireland is no accident as the country boasts one of the lowest levels of corporate income tax in Europe, which, despite lawmakers’ protestations to the contrary, has earned it a reputation as a tax haven. In fact, Eire has the third lowest corporate income tax rate among Organisation for Economic Co-operation and Development (OECD) countries.
“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 where our customers are located, our aim is for them to benefit from greater legal and regulatory clarity,” the company explained in a statement.
The cryptocurrency exchange also said that, in the coming months, it plans to “add support for more cryptocurrencies and features to its international custody service”.
With the solidification and growth of cryptocurrencies globally, the demand for services such as cryptoasset custody is increasing. Therefore, the arrival of Coinbase Custody in Europe is a very important step.
