Top US-based crypto exchange platform Coinbase is looking to ramp up growth outside of the US as the firm plans to expand its services into four European nations.
In a new company blog post, the crypto exchange says it’s ramping up its expansion efforts by venturing into France, Italy, Spain, and the Netherlands after already gaining a foothold in the UK, Ireland, and Germany.
“As part of our recently announced two-pronged growth strategy, we are driving a concerted effort to strengthen our presence in Europe…
We’re already on the ground in the UK, Ireland and Germany. Additionally, we are in the process of expanding in France, Italy, Spain, and the Netherlands. In all of these markets, our goal is to launch the Coinbase suite of retail, institutional, and developer products.”
Recently, the European Union (EU) passed a landmark agreement known as the Markets in Crypto Assets Regulation (MiCA) to create a sweeping crypto regulation rulebook for the 27 countries within its jurisdiction.
“This will provide important legal and regulatory certainty to the market, and raise standards across the industry. This is exciting – a harmonized single set of rules for the entire EU will enable us to invest, accelerate and scale our growth efforts across the entire bloc.
Furthermore, the EU took a major step forward by reaching a sensible deal for implementation of the Travel Rule to tackle financial crimes and the transfer of illicit funds.”
While the crypto exchange plans to expand its footprint in Europe, Coinbase CEO Brian Armstrong announced earlier this month that the company would be laying off 18% of its workforce due to the current crypto winter.
“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period…
Coinbase has survived through four major crypto winters, and we’ve created long-term success by carefully managing our spending through every down period…
While we tried our best to get this just right, in this case it is now clear to me that we over-hired.”
