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Despite crypto winter: Coinbase wants to expand more to Europe

 


Coinbase is expanding into several European countries amid "crypto winter". Despite the company laying off many employees and withdrawing job offers, Coinbase Vice President Nana Murugesan announced that the platform wants to register in Italy, Spain, France and the Netherlands.


In Switzerland, the US cryptocurrency exchange has already hired its first employees and has licenses to trade cryptocurrencies in the UK, Ireland and Germany.


In an interview on June 29, Murugesan said the company now wants to expand into Europe. Also, given the cryptocurrency market slump, the company is also open to acquisitions in the region.


He believes this is the ideal time to expand into other countries, as many cryptocurrency-focused companies are struggling with a lack of liquidity and the threat of bankruptcy . The crypto market collapse has reduced the market cap by nearly $2 trillion. Currently, the market cap is around $900 billion. The liquidity crisis almost forced Three Arrows Capital and Celsius Network to close. He explained:


"When we entered the market in the UK and Europe, it was during the last major bear market between 2015 and 2016."


Coinbase is the most well-known cryptocurrency exchange in the United States and faces stiff competition from other providers such as Binance, FTX and Crypto.com. Coinbase shares fell when Binance's U.S. subsidiary announced it would no longer charge fees for bitcoin trading.


Coinbase wants to keep up with its competitors as they become more popular in other regions of the world. Binance and FTX have received licenses in the Middle East . Binance has also secured licenses in France and Italy and is seeking registrations in other European countries.

There are layoffs in the technology industry worldwide and Coinbase cannot ignore this trend either. Due to the crisis, the company had to lay off almost 18 percent of its workforce worldwide in June .

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