Gemini’s European Foothold
Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, has selected Dublin as the hub for its European operations. This decision has been reached as a part of the firm’s global expansion strategy, amid a landscape of US-based crypto companies seeking growth beyond American borders.
Ireland: The Obvious Natural Fit
In their meeting with Ireland’s Prime Minister Leo Varadkar, the Winklevoss twins cited Ireland’s rigorous regulatory framework, rich talent base, and mature tech community as reasons for their choice. They affirmed Ireland as Gemini’s gateway into the European Union, praising the reputation of its regulator, the Central Bank of Ireland, and its thriving technology and talent ecosystem.
Ireland’s Crypto Climate
Despite the 2022 research indicating a slight dip in cryptocurrency holdings among Irish adults and the central bank’s call for a ban on crypto advertising, crypto firms like Binance and Kraken have found Ireland a fertile ground for business.
Impact on Ireland’s Innovation Landscape
The move by Gemini, which has already secured a virtual asset service provider license from the Central Bank of Ireland, signifies a considerable boost to the innovation drive of the country. The Irish government has been progressively focusing on nurturing innovation for economic growth.
The Cambrian Explosion of Innovation
Following the EU’s approval of the new Markets in Crypto-Assets regulations (MiCA), Gemini plans to increase its workforce in its Dublin office. The Winklevoss twins anticipate a massive surge in crypto industry innovation, referring to it as a “Cambrian explosion”.
Broadening Gemini’s Global Presence
This move follows Gemini’s April announcement of establishing an engineering hub in India. It further solidifies Gemini’s global presence while dealing with the mounting regulatory pressure in the United States, often termed as the “war on crypto.”
Navigating the U.S. Crypto Blues
The Gemini co-founders acknowledged the challenging nature of the US regulatory environment, highlighting the SEC’s action against the company earlier this year. Nevertheless, Gemini continues to maintain its New York office, persevering through the US crypto blues while steadily expanding its international reach.