Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, announced in September 2021 that it had selected Dublin as its European base for its crypto business. The company had been weighing various potential European locations for several months before ultimately settling on Ireland’s capital city. Gemini is one of the leading cryptocurrency exchanges in the world, and its selection of Dublin as its European hub has significant implications for the cryptocurrency industry in Ireland and Europe.
The Dublin headquarters for Gemini is expected to open in Q4 2021 and will initially employ around 30 employees with plans to expand in the future. The company’s European base will provide support for its growing European customer base. Additionally, the Irish subsidiary will enable the company to apply for an Irish license to operate under the 5AMLD EU directive.
Gemini co-founder Cameron Winklevoss expressed his enthusiasm for expanding the company’s footprint in Europe and in Ireland, saying, “Ireland is a natural choice to advance our European expansion efforts, and we are excited to establish our European beachhead in Dublin, which we believe has tremendous potential as a fintech hub.”
Gemini’s selection of Dublin as its European base is a significant development for the city’s growing fintech industry. Research conducted by financial technology provider Findexable ranked Dublin 33rd in the world on its global fintech index, and it has become a major hub for tech giants such as Facebook, Google, and Amazon. The substantial growth in the fintech industry in Ireland has made it an attractive hub for cryptocurrency companies looking to establish a presence in Europe.
The Irish government has also shown its support for the growth of cryptocurrencies and blockchain technology. The Irish Blockchain Expert Group (IBEG) was established by the government in 2018 to develop a national blockchain strategy. The group’s work has focused on creating clear guidelines for the use of blockchain technology across various sectors of the economy, including healthcare, finance, and energy.
The IBEG’s work has also involved engaging with the European Union to promote a standardized approach to blockchain regulation across the bloc. The Irish government has been working to make Ireland a leading European hub for blockchain and cryptocurrency business. With Gemini’s selection of Dublin as its European base, the government’s efforts to establish Ireland as a major player in the crypto industry have been given a significant boost.
Gemini’s selection of Dublin as its European base also highlights the increasing importance of cryptocurrency exchanges in the cryptocurrency market. Cryptocurrency exchanges are online platforms that allow users to buy, sell, and trade cryptocurrencies. They play a vital role in the crypto market, as they provide the necessary infrastructure for buyers and sellers to exchange cryptocurrencies.
Gemini is one of the world’s most prominent cryptocurrency exchanges, with over $30 billion in cryptocurrency assets under management. It has established itself as a trusted exchange among cryptocurrency enthusiasts due to its focus on security, regulatory compliance, and customer support.
Gemini’s selection of Dublin as its European base further solidifies the company’s position as a major player in the cryptocurrency industry. The company’s decision to establish a significant presence in Europe will strengthen its foothold in the global market and expand its potential customer base. The company’s continued growth and expansion could help bring cryptocurrency further into the mainstream and cement its position as a legitimate asset class.
Finally, Gemini’s selection of Dublin as its European base demonstrates the need for clear regulations in the cryptocurrency industry. The company’s decision to establish a base in Europe highlights the need for regulatory clarity and consistency across the bloc. Clear and fair regulations will enable cryptocurrency companies to operate with confidence, attract investment, and help establish Europe as a global leader in the industry.
Overall, Gemini’s selection of Dublin as its European base is a significant development for both the company and the wider cryptocurrency industry. It highlights the growing importance of the Irish fintech industry and brings much-needed attention to the need for regulatory clarity in the cryptocurrency industry. As the industry continues to grow and evolve, companies such as Gemini will play an essential role in reshaping the financial landscape and bringing cryptocurrencies further into the mainstream.
Gemini, the US-based cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has chosen Dublin as its European headquarters. The decision was announced following a meeting between the Winklevoss brothers, Irish Prime Minister Leo Varadkar, and representatives from the Industrial Development Agency (IDA), which oversees foreign investment in Ireland. The Winklevoss brothers cited the regulatory landscape in Ireland, the abundant pool of talented individuals in technology and innovation in Dublin, as well as its vibrant startup ecosystem, as significant factors that influenced their decision to choose the Irish capital as their base for European operations.
Furthermore, the Gemini founders expressed their belief that the recently implemented regulatory framework for cryptocurrencies in the European Union (EU), known as the Markets in Crypto Assets (MiCA), is a sensible and pragmatic approach to regulation. Gemini officially launched its services in Ireland in October 2022 after securing a license to serve as a Virtual Asset Service Provider. Gemini is reportedly growing its Irish office further to become a key regulated hub through which significant aspects of its business across the EU can be conducted.
The Central Bank of Ireland approved Gemini to accept cryptocurrency transactions in euros and sterling. The platform allows retail customers and institutions to deposit, trade, and custody around 100 cryptocurrencies, including DeFi tokens. Irish fintechs and other corporations can also access Gemini’s crypto-native services like custody, clearing, trade execution, price discovery, and portfolio management services.
Gemini’s Irish office in Dublin opened in 2022, and the exchange hired Gillian Lynch, former chief strategy officer at Leveris, to head up its operations there. The VASP registration comes after Gemini’s Electronic Money Institution (EMI) authorisation in February 2022 from the Central Bank of Ireland. Alongside existing licenses in the UK, Gemini can process payments and issue e-money wallets via the Irish license, for its ongoing activities in 26 countries across Europe. This also extends to money remittance and execution of payment transactions via telecoms, clearing euro payments directly without the involvement of commercial banks, and issuing IBAN accounts to clients.
The Winklevoss brothers expressed their gratitude for the support of the Irish government and the IDA as they embark on the next steps in their journey. They also added that crypto is as transformative as the internet, and they are committed to unlocking the opportunities it represents. Gemini’s decision to make Dublin its European headquarters reinforces Ireland’s position as a global fintech hub and highlights the potential of the Irish tech ecosystem to attract significant investment from leading global companies.
