Crypto

Gemini Picks Ireland to Lead Its European Crypto Services Base

Gemini, a crypto exchange, has chosen Dublin as its European base of operations, amid crypto companies aiming to expand beyond the United States, as Cointelegraph reported.

Cameron and Tyler Winklevoss, the founders of Gemini, said they chose Ireland to develop the company’s European growth, according to Cointelegraph. The Winklevoss brothers, in a meeting with Leo Varadkar, Prime Minister of Ireland, informed the choice of Emerald Isle due to its regulatory structure, talent pool and technological developments.

Based on information from Cointelegraph, information from an August 2022 research found that approximately 10% of Irish adults surveyed held cryptocurrency. However, the figure rose by 12% during the bull market of 2021. It is believed that the update did not affect the installation of crypto companies there, including Binance and Kraken, as well than on blockchain and fintech startups.

“This is important for Ireland as the government is focused on innovation as a driver of growth.” Cameron Winklevoss told reporters that “Ireland is our entry point into the EU. We considered the whole of the EU as potential entry points and felt really comfortable with Ireland and the reputation of the regulator, the CBI, as well as the tech community, talent and ecosystem. So for us it was an obvious natural fit,” commented Varadkar.

Additionally, Cointelegraph noted that Gemini obtained virtual asset servicing registration from the central bank of Ireland in July 2022. According to reports, the company is aiming to boost its numbers after the EU adopts the new regulation of crypto-asset markets (MiCA), which received a May 16, 2023, approval.

(With information from Cointelegraph)

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