Coin Zoom, a US cryptocurrency exchange, is establishing a base in Ireland despite the recent plunge in crypto prices.
CEO Todd Crossland said the company will set up a business in Ireland to help enter the European market.
Despite choosing an Irish location, Salt Lake City-based companies are pursuing e-commerce licenses in Lithuania.
CoinZoom recently signed an extended partnership with Visa to offer debit cards for payments using cryptocurrencies owned by US users.
“We are planning to issue a Visa debit card in Europe, so we are getting an e-commerce license in Europe,” said Crossland.
To support these tasks, a small team gathers in Ireland, primarily for compliance.
“What we have done globally in different jurisdictions is to focus on experts with experience in the fields of banks and brokerage firms, as they actually have about the same AML and KYC requirements. , It translates very well into what we are doing. “
Due to the recent plunge in cryptocurrency prices, many companies are readjusting. Major names like Ireland-based Coinbase and Gemini are cutting or freezing employment.
“There will definitely be bumps along the way, but in the long run we’re still really bullish in this sector,” Crossland added.