Crypto.com to set up Irish base

The cryptocurrency exchange has seen demand grow of late with Bitcoin’s price surge

Chief executive Kris Marszalek

Jonathan Keane

February 28 2021 02:30 AM

Crypto.com, a Hong Kong-based cryptocurrency exchange and payments firm, is setting up operations in Ireland.

Chief executive Kris Marszalek said that the company, which has 800 employees globally, is growing its footprint in new markets as interest in cryptocurrency broadens.

“As we expand into new markets we are pursuing local operations in a number of countries including Ireland,” he said.

“Ireland offers a very friendly environment for leading fintech companies, supported by a world-class talent pool with expertise in the financial services industry.”

Crypto.com operates a cryptocurrency exchange and has released a Visa card for making payments with cryptocurrencies.

Its competitors Coinbase and Binance have also launched their own cryptocurrency debit cards in the Irish market.

The company is recruiting a general manager for Ireland that will oversee staff and launch services in the Irish market. Its job ad said it requires someone with knowledge of applying for electronic money licences.

It currently uses a third party’s e-money licence to operate the card in Europe.

“We are currently evaluating the scope of the different licences offered by the Central Bank of Ireland in order to determine which aligns best with our strategy,” Marszalek said.

Crypto.com has not yet filed any applications with the Central Bank of Ireland, he added.

Cryptocurrency exchanges like Crypto.com have seen demand surge of late with the soaring value of Bitcoin, which passed $50,000 over the last week but has swung up and down since.

The company said it now has over 10 million users, doubling in the last four months.