Coinbase to expand its activities in Europe
Crypto exchange Coinbase intends to expand its activities in European countries. In order to do that, the company seeks the licences from regulators in France, Italy, Spain and the Netherlands.
This week, Coinbase CEO Brian Armstrong plans to meet with politicians in London and Dublin. It was reported that Coinbase had a fall in income by 27% in the first quarter of the year as overall usage of the platform declined. Despite the market recession and recent layoffs and downsizing, the company intends to expand in Europe.
Coinbase has several competitors, such as Binance and FTX. These companies intend to hire more employees during the crypto winter. Moreover, these exchanges have already obtained licences in the countries of the Middle East. Binance is also making efforts to intensify its presence in Europe, having the virtual assets service provider licences in Italy and France. Now the company is actively seeking a licence in Germany.
Coinbase has already been registered in the U.K., Germany and Ireland. Coinbase’s vice president of International and Business Development Nana Murugesan has also revealed that the company employed the first staff worker in Switzerland. Coinbase also plans to hire a regional manager to oversee its European operations.
The vice president noted that their goal is to have retail and institutional products in all markets. The company will continue to expand around the world and make every effort to develop the crypto industry.
Murugesan noted that Coinbase is a public company, so they have very high standards. It may take a little longer for the exchange to complete some tasks. But the management wants to stick to the course taken.