Coinbase is expanding its operations into many European nations as they already have licenses to trade crypto in Uk, Ireland, and Germany.
Vice president of Coinbase Nana Murugesan disclosed plans to register in Italy, Spain, France, and the Netherlands despite the company firing many employees and withdrawing job offers.
The American-based cryptocurrency exchange has already hired its first staff members in Switzerland and already has licenses to trade cryptocurrencies in the UK, Ireland, and Germany.
Murugesan said that the company is currently trying to expand into Europe in an interview on June 29. The business is also open to acquisitions in the area despite the downturn in the cryptocurrency market.
He believes that now is the perfect time to start operations in other nations because so many enterprises with a focus on cryptocurrencies are facing cash flow problems and bankruptcy threats. Nearly $2 trillion of the market’s worth has been lost due to the crypto market crash. The liquidity crisis, which has prompted Three Arrows Capital and Celsius Network to virtually go out of business, has caused the market capitalization to fall to around $900 billion at this time. He mentioned:
“When we entered U.K. and Europe, this was actually during the last big bear market in 2015-2016.”
While Binance, FTX, and Crypto.com are among the most recent competitors to Coinbase, which is the most well-known cryptocurrency exchange in the United States, the latter confronts stiff competition. Coinbase’s shares fell after the U.S. subsidiary of Binance declared that it will stop charging commissions for Bitcoin trading.
Coinbase is making an effort to keep up with its rivals, who are becoming increasingly well-known in other parts of the world. In the Middle East, licenses were granted to FTX and Binance. Additionally, Binance has licenses in France and Italy and is applying for authorization in additional European countries.
While layoffs are occurring throughout the global technology sector, Coinbase has not escaped. The issue forced the company to cut approximately 18 percent of its global workforce in June, which also had an impact on its workforce in the UK and Ireland.