Cameron Winklevoss has predicted a “Cambrian explosion” in European innovation once regulations are rolled out.
Gemini’s 2014 founders, Cameron and Tyler Winklevoss, declared on May 25th that Ireland would serve as the company’s European expansion hub.
The twins cited Ireland’s strong regulatory framework, extensive talent pool, and well-established technology community as reasons for choosing the country when they met with Prime Minister Leo Varadkar. According to research from August 2022, around 10% of Irish adults surveyed held cryptocurrency.
Varadkar commented, “This is significant for Ireland as the government focuses on innovation as a driver of growth.” Cameron Winklevoss told reporters that “Ireland is our entry point into the EU.”
“We looked at all of the EU as potential entry points and we felt really comfortable with Ireland and the reputation of the regulator, the CBI, as well as the technology community and talent and the ecosystem. So for us, it was an obvious natural fit.”
A virtual asset service provider license has been obtained by Gemini, a well-known cryptocurrency company, from the Central Bank of Ireland. The business, which currently operates a Dublin office with a staff of 12, wants to increase its business activities there. This action coincides with the European Union’s adoption of Markets in Crypto-Assets (MiCA) legislation, which establish a legal framework for the cryptocurrency market.
Gemini anticipates considerable prospects for innovation in the European cryptocurrency sector following MiCA’s approval on May 16. Gemini’s creators, the Winklevoss twins, predict a wave of innovation and technological improvements. The regulatory environment, according to Cameron Winklevoss, will lead to a “Cambrian explosion of innovation” in Europe.
Gemini is positioning itself to take advantage of the changing regulatory environment in Europe and to further promote the growth of the cryptocurrency ecosystem as it strengthens its presence in Ireland and plans for expansion.
In April, the firm announced plans to establish an engineering hub in India to access its burgeoning pool of tech talent.