As many crypto companies look to expand their operations outside of the United States, crypto exchange Gemini has chosen Dublin as the headquarters for its European operations.
On May 25, the founders of Gemini, Cameron Winklevoss and Tyler Winklevoss, confirmed that they have selected Ireland as a base to grow the company's operations throughout Europe.
In a meeting with Irish Prime Minister Leo Varadkar, the two founders said they chose the Ireland because of its robust regulatory system, deep talent pool and established technology community.
According to the August 2022 survey, 10% of Irish adults surveyed hold cryptocurrencies. However, this figure is still down from the 12% during the bull market in 2021. Moreover, the chief of the Central Bank of Ireland called for a ban on cryptocurrency-related advertising back in January.
But that hasn't stopped cryptocurrency companies from opening here, including exchanges such as Binance and Kraken, as well as countless blockchain and fintech startups.
Varadkar commented, “This is significant for Ireland as the government focuses on innovation as a driver of growth.” Cameron Winklevoss told reporters that “Ireland is our entry point into the EU.”
“We looked at all of the EU as potential entry points and we felt really comfortable with Ireland and the reputation of the regulator, the CBI, as well as the technology community and talent and the ecosystem. So for us, it was an obvious natural fit.”
Gemini has already received its Virtual Asset Service Provider license from the Central Bank of Ireland in June 2022 and has 12 employees in its Dublin-based office.
The company plans to recruit more employees following the adoption of the EU’s MiCA.
This is not Gemini's first move outside the U.S. In April, the company had announced plans to establish an engineering hub in India to attract technical talent.