Coinbase is expanding its operations in several countries in Europe amid a “crypto winter.” Despite laying off numerous employees and rescuing job offers, Coinbase VP Nana Murugesan revealed her intentions to register in Italy, Spain, France, and the Netherlands.
In Switzerland, the US-based crypto exchange has already hired its first employees and is already licensed to trade cryptocurrencies in the UK, Ireland, and Germany.
In an interview on June 29, Murugesan stated that the company is now looking to expand in Europe. Furthermore, amid the cryptocurrency market crash, the company is also open to acquisitions in the region.
Let’s consider that it is the ideal time to expand to other countries because many cryptocurrency-focused companies are experiencing cash shortages and risks of bankruptcy. The cryptocurrency market crash has wiped out nearly $2 trillion from the global market value. Currently, the market capitalization is approximately $900 billion, due to the liquidity crisis, which has forced Three Arrows Capital and Celsius Network to almost go out of business. He stated that:
“When we entered the UK and Europe, this was actually during the last big bear market in 2015-2016.”
Cointelegraph has reached out to Coinbase for comment but has not received a response as of press time.
While Coinbase is the best-known cryptocurrency exchange in the United States, it faces fierce competition from new entrants like Binance, FTX, and Crypto.com. When the US subsidiary of Binance announced that it would no longer charge fees for Bitcoin trading, shares of Coinbase fell.
Coinbase is working to keep up with its competitors, who are gaining a lot of popularity in other areas of the world. Both Binance and FTX have received licenses in the Middle East. Also, Binance has obtained licenses in France and Italy and is seeking permissions in other European nations.
While the global tech industry is experiencing layoffs, Coinbase has not been immune. The crisis forced the firm to cut almost 18% of its global staff in June, also affecting its staff in the UK and Ireland.
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