Crypto Companies Head to Ireland

July 26, 2021
Sarah Gormley

Over time, Ireland has become one of the most desirable technological hubs for companies to create branches in. In particular, cryptocurrency companies are heading to the EU member state to help support their operations in Europe.

The companies opening branches in Ireland are doing so with the hopes of filling new positions. The California-based cryptocurrency exchange Kraken is one of the companies that has chosen Dublin as home to their European branch. Kraken is a United States-based cryptocurrency exchange and bank that was founded back in 2011. The trading on this platform is cryptocurrency-to-fiat money trading. With over 2,000 employees worldwide, the company has continuously posted advertisements for open positions within the company in hopes of finding workers in Dublin. 

Another notable cryptocurrency exchange that has been located in Ireland is Gemini. The company is headquartered in the United States as well, specifically in New York. Following Gemini’s obtaining regulatory approval in the UK in 2020, the company has recently applied for its electronic money license from the Central Bank of Ireland. The company has high hope that it will allow them to access other EU markets. Gemini has been very proactive about opening a location in Ireland by hiring Gillian Lynch, previously chief operating officer at Leveris, to run its European operations. 

Crypto giants may be the main source of attraction but there are also a couple of financial institutions following in their footsteps. The Bank of New York Mellon is one of the prime examples of financial institutions striving to get involved in the market. The bank established its Dublin location in May with the task of transferring digital currency for its clients as well as holding crypto assets for them. 

Goldman Sachs, one of the major players in banking in the United States, announced in June that one of the fintech firms they back are expanding into Galway, that firm being Blockdaemon. The company offers node operations and forms the infrastructure of blockchain for financial service companies. 

As a whole, Ireland is becoming a hot spot for fintech services. The industry has grown beyond what anyone could have expected in the past couple of years. That being said, there is speculation that Ireland can be in the top 20 financial centers by 2025. Does the country have what it takes? Do you think Ireland has the potential to become the next global fintech hub? Read the articles attached to find out what we think. 

 

Reference:

Analyst Jim Cramer Calls Ethereum the ‘Pied Piper of Crypto’ but Won’t Add to His Position FINANCE | 12 hours ago , and Crypto Fear and Greed Index Taps Low at ‘Extreme Fear. “Crypto Companies Establish Presence, Hire Talent in Ireland – Finance Bitcoin News.” Bitcoin News, 25 July 2021, news.bitcoin.com/crypto-companies-establish-presence-hire-talent-in-ireland/.

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