Key facts:
The exchange already operates in four countries in the region: the United Kingdom, Ireland, Germany, and Switzerland.
Once they obtain permission, they will offer retail and institutional products.
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Coinbase, the US-based exchange for bitcoin (BTC) and other cryptocurrencies, now wants to expand its field of action in Europe. It is currently in the registration process in Spain, France, Italy and the Netherlands.
According to information provided by the Vice President of Business and International Development, Nana Murugesan, in a interview with Bloomberg, Coinbase’s plan is to expand internationally.
With this, they seek to promote the entry of a greater number of users from Europe, where they already have a presence in countries such as the United Kingdom, Ireland, Germany and Switzerland. They would thus be able to operate in about eight countries in the region.
This expansion plan comes after the company was forced to lay off more than 1,000 people from its predominantly American workforce. All this after the sharp drop in the cryptocurrency market recorded in recent months.
Despite the above, Murugesan reported that the Coinbase recently hired its first employee in Switzerland. The company aims to make “the international segment become a more significant part of its business”, even in the middle of the crypto winter.
“In all these markets our intention is to have retail and institutional products (…) It is almost like an existential priority for us to make sure that we can fulfill our mission by accelerating our expansion efforts.
Nana Murugesan, Vice President of International and Business Development.
The executive said that they are betting on the growth of the company, despite the current economic conditions. In that sense, he recalled that when Coinbase entered the United Kingdom and other European countries bitcoin was experiencing its 2015-2016 bear cycle.
“But now, UK users are a massive part of the business,” just like in other European countries where they already have a presence, he added. “We went in, we made bets. I’m sure it was probably a difficult time. But it was worth it, significantly.”
Murugesan expresses great optimism. He believes that the company has the capacity to overcome the fact that the global investment bank Goldman Sachs decided a few days ago to downgrade its rating.
On the other hand, the milestone marked last May stands out. At the time, as CriptoNoticias reported, Coinbase entered the exclusive Fortune 500 list, where the main corporations of the United States are classified and presented.