Coinbase Receives VASP License In Ireland Amid Falling Market Cap

Crypto exchange Coinbase has secured a Virtual Asset Service Provider license from the Central Bank of Ireland, the company said on Wednesday. Coinbase aims to provide products and services to individuals and institutions in Europe and internationally from Ireland. Moreover, Coinbase has named Cormac Dinan as the new Country Director for Ireland unit.

Coinbase Gets Virtual Asset Service Provider Approval

Crypto exchange Coinbase, in an official blog on its website on December 21, announced that it has registered with the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP) in the country. Coinbase has been operating in Ireland since 2018.

Coinbase’s Irish operations will be managed by new Country Director Cormac Dinan. He has more than 20 years of experience in the financial service and fintech industries. He said:

“As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures. 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.”

The VASP license covers two Ireland-based Coinbase entities Coinbase Europe Limited and Coinbase Custody International Limited. Coinbase Europe provides crypto trading services across Europe and Coinbase Custody International provides crypto custody services to institutional customers across Europe.

Coinbase Falling Market Capitalization

The publicly listed crypto firm Coinbase’s market cap has fallen below $8 billion. The Coinbase (COIN) stock is down by 90% since listing in April last year, ending trading at $34.97 on Tuesday.

The reports of Coinbase’s valuation falling below Dogecoin’s market cap concerned the crypto community due to the recent collapse of FTX and Binance FUD. However, despite the crypto winter that deteriorated the market cap for crypto firms and investors’ wealth, Coinbase seeks to get additional registrations or licenses in other major countries.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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