Coinbase is Planning to Expand Operations Across Europe
Cryptocurrency
exchange Coinbase has revealed its expansion plans in several European markets.
The company is reportedly in the process of establishing crypto exchanges in
Spain, France, Italy, and the Netherlands.
Coinbase Expanding in Europe
Coinbase Global Inc. is reportedly planning to expand operations in Europe. Publishing an interview with Nana Murugesan, Coinbase’s Vice President of International and Business Development, Bloomberg reported on Wednesday
Coinbase is
focused on growing its presence across Europe. The Senior Executive revealed
that the exchange is in the process of applying for a license in various
European markets, including Italy, Spain, France, and the Netherlands.
The
Nasdaq-listed company is currently registered in the U.K., Ireland, and
Germany. Murugesan also confirmed that Coinbase recently hired its first
employee in Switzerland.
"In all
these markets, our intention is to have retail and institutional
products," the Senior Executive said. He went on to add:
"It’s
almost like an existential priority for us to make sure that we can fulfill our mission by accelerating our expansion efforts."
Murugesan
indicated that Coinbase is also open to acquisitions that will accelerate its
overseas expansion plans.
The crypto
exchange is in the process of streamlining. Earlier this month, CEO Brian
Armstrong announced his company’s plan to lay off 1,100 employees, or 18% of
its workforce.
Murugesan
said Coinbase’s goal is for the international presence to become a
"significant" part of its business. He explained:
"This is
what our goal would be, but exactly when do we get there, all of that, there’s
a lot of dependencies."
On Monday,
global investment bank Goldman Sachs downgraded Coinbase to a "sell"
rating. COIN has fallen more than 85% since it began trading on Nasdaq.
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