The general notion about cryptocurrencies is that they are unsafe due to the presence of several scammers and a lack of storage facilities. This feeling has been slowly changing because of the important steps taken by cryptocurrency organizations.
Coinbase’s latest announcement revealed that its Custody department will be expanding as Coinbase Custody International Ltd. This new entity of the Brian Armstrong led exchange will be based in Dublin, Ireland. The exchange stated that they wanted to provide their services to a larger audience and thereby promote crypto adoption. The Coinbase blog said:
“Coinbase Custody International’s mission is to provide the broadest digital asset coverage of any institutional-grade custodian. While Coinbase Custody has served European-based clients in the UK, Switzerland, Germany, Finland, the Netherlands and more since 2018, our dedicated presence in Europe will allow us to offer these services in a completely localized way, with local staff, localized SLAs and in compliance with local laws.”
Till now, Coinbase Custody focussed mostly on the American market after competition from other organizations in the area. The international launch is expected to grab shares of the growing European economy. Countries like France and Germany have been conducting massive discussions about crypto and they look positive for the most part.
Coinbase claimed that the move to Dublin would enable them to cater to the European market directly. According to the exchange, being in the same place as their European customers give them more clarity on the regulatory climate.
Officials in Ireland were able to procure Service Level Agreements [SLAs] for Europe-based clients. These agreements are meant to smooth things over for Coinbase in terms of financial regulations and customer acquisition. Coinbase has told users that they will be launching more services to the Custody roster soon.
Coinbase was also taking action back in the United States to make crypto much more feasible. On January 30th, Coinbase Custody and Bison Trails were added to the Proof of Stake Alliance. The group aims to educate lawmakers on the intricacies of cryptocurrencies and bring in tax clarity for Proof of Stake tokens.
The Alliance has also had meetings with the Securities and Exchange Commission [SEC], the IRS, the CFTC as well as the Department of Treasury to implement its mission in the long run.