Cryptocurrency exchange Coinbase 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 Global Inc. (Nasdaq: COIN) plans to expand its operations in Europe, Bloomberg reported on Wednesday, citing an interview with Nana Murugesan, vice president of international and business development at Coinbase.
Noting that Coinbase is focused 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 also recently hired its first employee in Switzerland.
“In all these markets, our intention is to have retail and institutional products,” the executive stressed, specifying:
It’s almost like an existential priority for us to make sure we’re able to achieve our mission by accelerating our expansion efforts.
Coinbase is also open to acquisitions that will accelerate its overseas expansion, Murugesan noted.
However, the crypto exchange is downsizing. 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 “meaningful” part of its business. He issued the following opinion:
That’s what our goal would be, but when exactly will we get there, all of that, there are a lot of dependencies.
On Monday, global investment bank Goldman Sachs downgraded Coinbase to a “sell” rating. COIN has fallen over 85% since it started trading on Nasdaq. As of this writing, Coinbase Global is trading at $49.75, down over 36% in the past month.
What are your thoughts on Coinbase’s expansion into Europe? Let us know in the comments section below.
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