According to an announcement by Coinbase on Wednesday, the company now holds a Virtual Asset Service Provider license from the Central Bank of Ireland. From its foundation in Ireland, Coinbase plans to serve customers across Europe and beyond with its range of products and services. More importantly.
License to shill
The accreditation makes Coinbase the second crypto exchange in the Republic to acquire authorization after Gemini’s July VASP clearance. As of 2022, Zodia Custody Ireland, a cryptoasset service provider catering to institutional investors, was also given the green light.
As an additional perk, the VASP registration encompasses not one but two Irish-based Coinbase subsidiaries: Coinbase Europe Limited and Coinbase Custody International Limited. Coinbase Europe allows European consumers to buy and sell cryptocurrencies, while Coinbase Custody International secures the custody of cryptocurrency assets for institutional investors.
New Leadership
Furthermore, Coinbase has promoted Cormac Dinan to Country Director for the Ireland team. Cormac adds more than 20 years of expertise in financial services to the role.
According to Dinan, Coinbase has improved technology and regulatory processes, making it the most trustworthy and safe cryptocurrency exchange. The prospect of enhancing operations in Ireland and bolstering the sector’s future growth is particularly exciting to him.
“I’m looking forward to strengthening Ireland’s operations and helping the sector’s continued growth. Creating an environment which champions innovation while strengthening trust in crypto is something I am really eager to progress,” Dinan noted in a statement.
In addition, he stated that he is highly driven to promote the notion of creating a climate that encourages innovation and boosts public trust in cryptocurrencies, Coinbase, and VASPs in Ireland.
Last week, Coinbase launched a new tool to help its customers recover more than 4,000 unsupported ERC-20 tokens sent to its ledger. Previously, users who transferred unsupported ERC-20 tokens to a Coinbase address would get a confirmation that the funds had been sent, even though the funds never really appeared in the intended wallets. It would lead users to lose tokens and funds.
According to Coinbase, some of those tokens can now be retrieved provided users provide their Ethereum transaction identification for the missing assets as well as its contact address.
