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Tuesday, March 28, 2023

Coinbase Reveals European Expansion Plan

Coinbase Reveals European Expansion Plan – According to an interview with Nana Murugesan, Coinbase’s vice president of international and business development, Coinbase Global Inc. (Nasdaq: COIN), the company intends to increase its activities in Europe, according to a report published by Bloomberg on Wednesday.

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The CEO mentioned that Coinbase is focusing on expanding its footprint in Europe and that the exchange is now submitting applications for licenses in a number of European countries, including Italy, Spain, France, and the Netherlands.

The Nasdaq-listed business is presently registered in Germany, Ireland, and the United Kingdom. In addition, Coinbase recently hired its first employee in Switzerland, as Murugesan noted.

The executive stated, “In all these markets our objective is to have retail and institutional products,” elaborating:

“We must ensure that we are able to accomplish our purpose by stepping up our expansion efforts as if it were an existential priority.”

Also Read: Circle Partners With New York Community Bancorp — Bank to Custody USDC Reserves

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According to Murugesan, Coinbase is also open to deals that will hasten its international expansion.

However, the cryptocurrency exchange is downsizing. Brian Armstrong, the CEO of the company, stated earlier this month that 1,100 employees, or 18% of the workforce, will be laid off. Murugesan stated that Coinbase wants the global market to represent a substantial portion of its overall operations. 

He stated:

“This is what we would like to achieve, but there are many factors that will determine when we really get there.”

Goldman Sachs, a renowned investment bank, gave Coinbase a sell rating on Monday. Since COIN started trading on Nasdaq, its price has decreased by more than 85%. At the time of writing, Coinbase Global is down more than 36% over the previous month and is currently trading at $49.75.

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