Coinbase has on January 30th, launched Coinbase Custody International, Ltd, which is based in Dublin, Ireland.
Coinbase Custody, which was launched in 2018, is “an independent, NYDFS-regulated entity built on Coinbase’s crypto-first DNA.”
It is overseen by New York State’s Department of Financial Services (NYDFS) and operates as an independently capitalized entity (Coinbase Trust Company).
In the future, it will also be handling “all staking activity.”
The advantages of a local operation
Coinbase explains that although Coinbase Custody had been serving Europe-based clients since it launched, having a dedicated presence in Europe will enable it to offer services in a “completely localized way” such that they are more suited to the legal and regulatory needs of these clients.
Also, Coinbase pinpoints the fact that Europe is their “fastest-growing geographic segment” and in the following months, they will be adding support for additional digital assets.
Coinbase aspires that the new international unit would also attract investors from other lucrative regions, such as Asia.
Coinbase has a license of a chartered custodian in New York, which enables the company to keep funds on behalf of the customers.
According to McIngvale, the exchange has plans to attain a European license as well to be approved under the EU’s MIFID investment services laws.
This move is expected to entice more institutional investors into the cryptocurrency vicinity, therefore, speeding up its mass adoption.
Bitcoin and all major assets are retreating within the current ranges after a sharp increase in the first half of the week.
The cryptocurrency market has been firing up since the start of the year. Thus, BTC/USD is 30 percent increased from January 1, and over 170 percent increased in the recent 12 months.