Coinbase Looks To Expand To Europe

An article recently published by Bloomberg stated that the US based exchange, Coinbase, plans to expand further into Europe. Read on to learn more.

Amid this Crypto winter, the majority of news we hear revolves around FUD or something negative. It is rare that we hear of positive news of growth and expansion. Just a few days ago, Coinbase’s vice president, Nana Murugesan, revealed intentions to register in Italy, Spain and France. This news comes as a surprise given the current climate, especially after Coinbase announced their plans to downsize by laying off as many as 18% of its staff and rescinding job offers in the US. 

This is not foreign territory to Coinbase as they are already licensed to trade in the United Kingdom, Ireland, and Germany. The exchange has also just decided to hire its first employee in Switzerland. Coinbase shows no intentions of slowing down in accordance with the bear market. 

In an interview on June 29th, Murugesan explained how he feels that this is the ideal moment to expand to other regions as many Crypto-focused businesses are at risk of bankruptcy. Coinbase is open to acquisitions, which suggests that they are on the hunt. The current bear market crash has wiped out almost $2 trillion from the overall market value. A liquidity crisis has forced Three Arrows Capital and Celcius to almost shut down. It’s safe to say that things are not looking great. 

He then stated “when we entered the UK and Europe, that was actually during the last big bear market in 2015-2016”, suggesting that the market conditions did not bother him.

Whilst Coinbase is one of the most popular Cryptocurrency exchange choices in the USA, the likes of new entrants such as Binance and FTX are bringing fierce competition. Coinbase is working hard to keep up with its competitors, which are gaining popularity very quickly in different areas around the globe. Additionally, Binance has already obtained licensing in France and Italy and is seeking permission in other European nations. Coinbase’s expansion plan is one attempt to remain competitive.  

Will it work? Who knows and only time will tell. Whilst some are arguing that it’s not the best timing, it’s probably much better than sitting around and doing nothing. 

 

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