One of the largest cryptocurrency exchanges Gemini has secured its e-money license in Ireland two years after applying for it.
Based on a news post by a local media outlet, Gemini will be able to offer e-money services in the Republic of Ireland after receiving a license from the country's central bank. It will be the fourth FinTech company to receive the license amongst the social media conglomerate Meta (formerly Facebook), Google, and Stripe.
Currently valued at approximately $7.1 billion, Gemini will have its second crypto license in the British Isles, with the previous one acquired from the United Kingdom’s Financial Conduct Authority (FCA).
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Founder of Fintech Ireland Peter Oakes was highly in favor of Gemini beginning its operations in Ireland since there are US-based financial institutions working within the country that have an interest in offering digital asset services for both institutional figures and regular consumers. He added:
"The combination of an e-money authorisation and a virtual asset services provider registration should provide Irish consumers and corporates a fuller range of Gemini’s digital assets and non-fungible tokens service such as buying and selling, interest on accounts, payments, credit cards and e-wallets."
With another crypto giant Coinbase already established in Ireland, Gemini, according to Oakes, will be a nice addition to the country’s digital asset market and will attract more FinTech firms to start their operations in Ireland.
