Crypto Giant Coinbase to strengthen its foothold in Europe, plans to expand in France and three other countries
Top US-based crypto exchange platform Coinbase is looking to increase growth outside the US as the company plans to expand its services to four European nations.
In a new company blog post, the crypto exchange says that it is increasing its expansion efforts by venturing out into France, Italy, Spain and the Netherlands after having already gained a foothold in the United Kingdom, Ireland and Germany.
“As part of our recently announced two-part growth strategy, we are working together to strengthen our presence in Europe …
We are already on the ground in the UK, Ireland and Germany. In addition, we are expanding in France, Italy, Spain and the Netherlands. In all of these markets, our goal is to launch the Coinbase series of retail, institutional and developer products. ”
Recently, the EU (EU) adopted a landmark agreement known as the Markets in Crypto Assets Regulation (MiCA) to create a comprehensive rulebook for cryptocurrency regulation for the 27 countries within their jurisdiction.
“This will provide important legal and regulatory security for the market, and raise standards across the industry. This is exciting – a harmonized simple set of EU – wide rules will enable us to invest, accelerate and scale our growth efforts across the block. .
Furthermore, the EU took a major step forward by reaching a sensible agreement for the implementation of the travel rule to tackle economic crime and the transfer of illegal funds. ”
While the crypto exchange plans to expand its footprint in Europe, Coinbase CEO Brian Armstrong announced earlier this month that the company would lay off 18% of the workforce due to the current crypto winter.
“We seem to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for a longer period …
Coinbase has survived through four major cryptocurrencies, and we have created long-term success by carefully managing our spending through each downturn …
Even though we tried our best to make this happen, in this case it is now clear to me that we are overworked. “
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Selected image: Shutterstock / severstart
