Coinbase is expanding its operations in various countries in Europe amid the “crypto winter”. Despite several layoffs and job offers canceled, Coinbase Vice President Nana Murugesan has revealed her intentions to register in Italy, Spain, France and the Netherlands.
In Switzerland, the US-based cryptocurrency exchange has already hired its first employees and is already licensed to trade cryptocurrency in the UK, Ireland and Germany.
In an interview on June 29, Morogesan stated that the company is now looking to expand into Europe. Moreover, amid the stagnation of the cryptocurrency market, the company is also open to acquisitions in the region.
He feels it’s the perfect moment to expand to other countries because many crypto-focused companies are short of cash and risk bankruptcy. The crypto market crash has wiped out nearly $2 trillion in total market value. The market capitalization is currently around $900 billion, due to a liquidity crunch that almost forced Three Arrows Capital and Celsius Network to close. mention that:
“When we went into the UK and Europe, this was actually during the last big bear market of 2015-2016.”
Cointelegraph has contacted Coinbase for comment but has not received a response at press time.
While Coinbase is the most popular US cryptocurrency exchange, it faces fierce competition from new entrants such as Binance, FTX, and Crypto.com. When the US subsidiary of Binance announced that it would no longer charge a fee for trading bitcoin, Coinbase shares plunged.
Coinbase is keeping pace with its competitors who are gaining in popularity in other regions of the world. Binance and FTX have both obtained licenses in the Middle East. In addition, Binance has obtained a license in France and Italy and is seeking permissions in additional European countries.
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While the tech industry around the world is experiencing layoffs, Coinbase has not been immune. The crisis forced the company to cut nearly 18% of its global staff in June, affecting its staff in United Kingdo and Ireland as well.