Coinbase Reveals European Expansion Plan — Seeks Licenses in Spain, Italy, France, Netherlands – Exchanges Bitcoin News


Coinbase cryptocurrency exchange has revealed its plan to expand into several European markets. The company is reportedly in the process of registering a crypto exchange in Spain, France, Italy and the Netherlands.

Coinbase Expanding in Europe

Coinbase Global Inc. (Nasdaq: COIN) reportedly plans to expand operations in Europe, Bloomberg reported Wednesday, citing an interview with Nana Murugesan, Coinbase’s vice president of International and Business Development.

Noting that Coinbase is focusing on growing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license 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 has also recently hired its first employee in Switzerland.

“In all these markets our intention is to have institutional and retail products,” the executive stressed, elaborating:

It is almost like an existential priority for us to ensure that we are able to accomplish our mission by accelerating our expansion efforts.

Coinbase is also open to acquisitions that will accelerate its overseas expansion, Murugesan noted.

The crypto exchange, however, is declining. Earlier this month, CEO Brian Armstrong announced his company’s plan to lay off 1,100 employees, or 18% of its workforce.

Murugesan said Coinbase’s goal is for the international segment to become a “significant” part of its business. He thought:

That’s what our goal would be, but just when we get there, all of this, there are a lot of dependencies.

On Monday, global investment bank Goldman Sachs lowered Coinbase to a “sale” rating. COIN has fallen more than 85% since it began trading on Nasdaq. At the time of writing, Coinbase Global is trading at $ 49.75, down 36% over the past month.

What do you think about the expansion of Coinbase in Europe? Let us know in the comments section below.

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.

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