Coinbase is going after European licenses as it looks to expand outside of US

Coinbase Global Inc. has renewed its focus to Europe in attempt to boost users and revenue growth after it laid off 1,000 of predominately US-based staff.

The US crypto giant is looking to expand its presence Europe and register operations in Spain, Italy, France, the Netherlands and Switzerland. Nana Murugesan, Coinbase’s vice president of business development and international confirmed this in an interview from London.

The crypto exchange is already registered in the UK, Ireland and Germany and according to Murugesan, has already hired its first employee in Switzerland.


Murugesan said:

In all these markets our intention is to have retail and institutional products. It’s almost like an existential priority for us to make sure that we are able to realize our mission by accelerating our expansion efforts.

Coinbase ‘s expansion plans come as response to the looming “crypto winter.”

Murugesan stated that the company is also open to acquisition to accelerate its expansion overseas.

Meanwhile, Coinbase recently announced discontinuing its professional crypto trading platform Coinbase Pro and migrating advanced trading services to its main app.

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