Cryptocurrency exchange Coinbase has revealed plans to expand in several European markets. The company is reportedly in the process of registering crypto exchanges in Spain, France, Italy, and the Netherlands.
Coinbase Expands in Europe
Coinbase Global Inc (Nasdaq: COIN) reportedly plans to expand in Europe, Bloomberg reported Wednesday, citing an interview with Nana Murugesan, vice president of international and business development at Coinbase.
Noting Coinbase’s focus on expanding its presence in Europe, the executive revealed that the exchange is in the process of applying for licenses in various European markets, including Italy, Spain, France, and the Netherlands.
The Nasdaq-listed company is currently registered in the UK, Ireland, and Germany, Murugesan confirmed, noting that Coinbase recently hired its first employee in Switzerland.
“In all these markets, our intention is to have retail and institutional products,” the executive stressed and elaborated.
Ensuring that our mission is realized by accelerating our expansion path is almost like an existential priority for us.
Coinbase is open to acquisitions that would accelerate its international expansion, Mr. Murugesan noted.
But crypto exchanges are downsizing. Earlier this month, CEO Brian Armstrong announced plans to lay off 1,100 employees, or 18% of the company’s workforce.
Murugesan said Coinbase’s goal is to make the international segment a “significant” part of its business. He opined.
This is something that will be our goal, but exactly when we get there, all of that depends a lot.
On Monday, global investment bank Goldman Sachs downgraded Coinbase to “sell”; COIN has fallen more than 85% since it began trading on the NASDAQ. As of this writing, Coinbase Global is trading at $49.75, down more than 36% in the past month.
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