Two Big Moves May Make Jersey and Ireland Blockchain & Crypto Capitals

Blockchain Technology 2 min, 1 sec READ

by Tom Nyarunda

A crypto exchange in Jersey and Irish officials promoting Ireland as a blockchain hub could help make the UK the blockchain capital of the world.

Some big moves in the UK today may bring a lot of new crypto activity to the region. The Irish Blockchain Expert Group (IBEG) under IDA Ireland has launched an online platform to promote Ireland as a blockchain hub. Meanwhile, in the self-governing UK island of Jersey, Binance, the world’s leading cryptocurrency exchange, has signed an MOU with Digital Jersey to develop a crypto exchange.   

Christened “Blockchain Ireland,” the new online platform is a database for the Irish blockchain ecosystem to promote Ireland as a global blockchain hub. The initiative is spearheaded by IDA Ireland, a state agency that attracts and develops foreign direct investment. IDA’s chief information officer Keith Fingleton said, 

IBEG, and the Blockchain Ireland initiative will help blockchain projects and businesses in leveraging the beneficial environment in Ireland to foster increased innovation, and develop a national, European, and international blockchain ecosystem.

Several Irish-based start-ups such as Arc-Net and AidTech are using blockchain-based solutions while Delloite and MasterCard have functional blockchain labs in Dublin showcasing Ireland’s technological prowess and a potential blockchain-enabled location.   

Blockchain Capital of the World

Meanwhile, Digital Jersey signed an MOU with Binance, to develop a cryptocurrency exchange and compliance base in Jersey. Digital Jersey will cooperate with Binance to create training schemes to support Jersey’s growing blockchain ecosystem. 

Binance opted for Jersey due to its well-developed digital infrastructure and its political and financial stability. The government and the Financial Services Commission have shown optimism and support for the positive potential of blockchain technology. The exchange will use Binance Labs to promote Jersey-based start-ups in a move that ties in well with Digital Jersey’s founding ideals, which include diversifying the island’s economy to reposition it on the world’s map as a digital hub. The Binance CEO said of the decision,

We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. / Changpeng Zhao

These two developments along with statements such as that from a big player like Zhao support the assertion on Twitter by CryptoCapTrack that, “The UK will be blockchain capital of the world within 10 years.”