Coinbase, the major United States-based cryptocurrency exchange, has established an entity in Ireland to expand its crypto custody services to European institutions.
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On January 30, it has been reported that the new entity is called Coinbase Custody International and is based out of Dublin.
However, the firm’s services will be the same as those provided by Coinbase Custody in addition to taking over all the staking activities performed by the exchange.
Coinbase Custody initially began offering staking for select cryptocurrencies in March 2019 and expanded that service to international the following November.
While Coinbase Custody has been serving European clients in the United Kingdom, Switzerland, Germany, Finland, and the Netherlands since 2018, a new dedicated entity allows for completely localized service.
As per the report, this will bring the advantages of local staff, localized service-level agreements and clearer compliance with EU law.
The report says:
“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 in which our clients are located, it’s our goal that they will benefit from greater legal and regulatory clarity.”
<img width="1200" height="1200" src="https://i1.wp.com/www.cryptonewspoint.com/wp-content/uploads/2020/01/image-2.jpg?fit=1024%2C1024&ssl=1" alt="" class="wp-image-10001 lazyload" />
Moreover, Coinbase also said that, over the coming months, it plans to add support for more cryptocurrencies and features to its international custody service.
It has been analyzed that Ireland boasts some of the lowest corporate income tax levels in Europe which, despite the protestations of lawmakers to the contrary, has earned it a reputation as a tax haven.
Thus, the country has the third-lowest corporate income tax rate among OECD countries as of 2019.
Source: blog.coinbase.com | cointelegraph.com