With a fulcrum in Ireland, Gemini hopes to expand its services to all of Europe in the near future.
According to a statement from the two Gemini founders on May 25, the crypto exchange has chosen Dublin as its headquarters for its European operations, in the context of crypto companies. is looking to expand outside of the United States.
The reasons for choosing Dublin were given by these two individuals during a meeting with Irish Prime Minister Leo Varadkar, who said the city has a strong management system, a rich talent pool and a long-standing technology community. With this strength, Gemini will take advantage of the most effective way to develop its services throughout Europe.
It is known that Gemini currently has an office in Dublin with 12 employees, and received a license to provide virtual assets services (VASP) from the Central Bank of Ireland from July 2022.
The company plans to increase the number of employees after the EU adopted new Market in Crypto Assets (MiCA) regulations that were officially approved on May 16.
This is not the first foreign move Gemini has made. In April 2023, the company announced plans to set up a technical hub in India to access its burgeoning tech talent pool.
The move comes amid growing regulatory pressure in the United States, prompting some industry observers to call it the “crypto war.” The Securities and Exchange Commission (SEC) has also recently sued the exchange, accusing it of selling unregistered securities.
Despite the challenges, the company currently maintains New York offices under Gemini Trust Company, LLC.
As for Ireland, according to research in August 2022, the country has about 10% of the adult population holding digital assets. Earlier in 2021, this figure was 12%.
Not only that, but the director of the Central Bank of Ireland called for a ban on crypto advertising earlier this year. But these still haven’t stopped crypto companies from coming to the country. Some of them include Binance, Kraken, and countless blockchain and fintech startups.