Cryptocurrency exchange Kraken is the latest major crypto firm to choose Ireland as a European base.
ounded in 2011, San Francisco-based Kraken has raised more than $125m from (€106m) investors and is one of the bigger cryptocurrency exchanges.
It is establishing a base in Ireland as part of its European operations and is recruiting for a small team in Dublin. The company has about 2,000 employees globally.
It is recruiting a head of operations for Ireland who will be responsible for building the Dublin team.
Among the functions served in Dublin will be compliance and risk operations and likely some product development functions.
Kraken declined to comment on its Irish plans.
Buoyed by bitcoin’s rally earlier this year, the company’s chief executive Jesse Powell said in April that it was considering going public next year. Bitcoin, the flagship cryptocurrency, dropped below $30,000 this week for the first time since January. It peaked around $63,000 in April.
A number of cryptocurrency exchanges have already established bases in Ireland.
Gemini, the exchange led by the Winklevoss twins, is setting up an operation here to serve the EU market.
Earlier this year exchange Crypto.com and payments service Wirex confirmed its intent to establish Irish bases with plans to pursue licences from the Central Bank of Ireland.
Coinbase, the Nasdaq-listed exchange, set up a Dublin office in 2018.
A major function for cryptocurrency firms is compliance as regulations grow tighter on the industry. This week the EU proposed new rules for countering money laundering and illegal activity through cryptocurrencies like bitcoin.
The rules, part of a wider anti-money laundering package, would require crypto companies to collect identity information on both senders and receivers in a transaction.