Crypto Firm Gemini Picks Ireland as European Base Amid US Crypto Blues

Gemini, the popular cryptocurrency exchange founded by Cameron and Tyler Winklevoss in 2014, has set its sights on Dublin, Ireland, as the headquarters for its European operations. The decision comes at a time when many crypto companies are seeking expansion opportunities outside of the United States. On May 25, the Winklevoss twins confirmed their choice of Ireland during a meeting with Prime Minister Leo Varadkar, highlighting the country’s robust regulatory system, deep talent pool, and thriving technology community as key factors in their decision.

Despite a slight decline in the number of Irish adults holding cryptocurrency, with 10% reported in August 2022 compared to 12% during the 2021 bull market, the country has continued to attract crypto-related businesses. Notable players such as Binance, Kraken, and numerous blockchain and fintech startups have already established a presence there. Varadkar acknowledged the significance of Gemini’s decision, emphasizing the government’s focus on innovation as a driver of growth.

Gemini’s existing Dublin office, which currently employs 12 staff members, obtained a virtual asset service provider license from the Central Bank of Ireland in July 2022. With the recent approval of the Markets in Crypto-Assets regulations (MiCA) by the European Union, Gemini plans to expand its workforce in anticipation of the regulatory framework’s implementation. The Winklevoss twins are optimistic about the potential for innovation and growth within the crypto industry in Europe following the rollout of MiCA.

This move to Dublin is not Gemini’s first international venture. In April, the company announced plans to establish an engineering hub in India, tapping into the country’s abundant tech talent pool. The decision to expand overseas comes amid increasing regulatory pressure in the United States, which some observers have referred to as a “war on crypto.” Gemini continues to maintain its New York offices under the Gemini Trust Company, LLC.

By selecting Dublin as its European headquarters, Gemini has strategically positioned itself to take advantage of Ireland’s favorable business environment and thriving technology ecosystem. As the crypto industry evolves and faces regulatory challenges, Gemini’s move demonstrates its commitment to expanding its global footprint and remaining at the forefront of cryptocurrency innovation. With Gemini’s presence in Europe, the company is poised to contribute to the development of the crypto market on the continent while navigating the evolving regulatory landscape.