Coinbase is considering expanding its operations within Europe despite the current crypto market turmoil
Expansion in Europe
Coinbase is exploring increasing its presence within Europe, In order to broaden its activities outside of its native American market
Nana Murugesan, the vice president of business development and international for Coinbase, said in an interview with Bloomberg that the exchange is already in the process of registering in a number of European nations, including Italy, Spain, France, and the Netherlands.
In the meantime, Coinbase is already present in Europe and the UK. It has already been registered with the authorities in Germany, Ireland, and the UK. The report also disclosed that the exchange employed its first worker in Switzerland.
Coinbase in Search For Acquisition Process
The American cryptocurrency exchange is also on the lookout for acquisition prospects given that the recent market crisis has destroyed the value of several crypto companies.
The cryptocurrency exchange itself, however, was not immune to the effects of the current market slump. Earlier this month, it cut 18 percent of its global workforce, primarily in the US, and even revoked a number of job offers.
California is the home of Coinbase, which is also listed on Nasdaq, the American stock exchange. The American cryptocurrency exchange is the top retail cryptocurrency trading platform in the nation, but local branches of Binance and FTX are now fierce competitors.
Additionally, The American cryptocurrency exchange had large aspirations to develop in India but ran into a major obstacle with fiat deposits just days after the country’s operation opened earlier this year.
The spot exchange, meanwhile, has diversified into the lucrative market for cryptocurrency futures and just introduced its first Bitcoin derivatives product aimed at regular traders. Additionally, it made the decision to combine all the services on a single platform and shut down Coinbase Pro, its professional trading platform.