The cryptocurrency market has been in a bearish state, but some giant firms are still making strategic moves to expand their operations and presence worldwide. Coinbase, the largest cryptocurrency exchange in the United States, is looking to expand its operations in European countries.
After a severe drop in crypto prices last month, Coinbase announced that it would lay off 18% of its staff and have a hiring freeze because of the market conditions.
Coinbase plans to expand into Europe
Coinbase is seeking regulatory approval in more European countries to expand its presence in the region. According to the vice president of international and business development at Coinbase, Nana Murugesan, the company was setting up new operations targeting France, Italy, Netherlands, Spain, and Switzerland.
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The exchange plans to operate in these countries after getting all the needed licenses. The exchange has already obtained licenses in countries such as Germany, Ireland, and the United Kingdom. The exchange has already started hiring personnel in Switzerland.
Murugesan commented on this initiative, saying, “When we entered the UK and Europe, this was actually during the last bear market in 2015-2016. But then, when you fast forward to 2017-2018, the UK is now a massive part of our business, as is Europe. We entered, we made bets. I’m sure it was probably a tough time. But it’s paid odd, significantly.”
Coinbase faces stiff competition
Coinbase is currently under stiff competition from exchanges such as Binance and FTX, seeking a dominant share of the US market. Binance US recently introduced zero-fee Bitcoin trading, triggering a slump in Coinbase shares.
Binance and FTX are also seeking to expand into other countries. The two exchanges are pushing for approvals in the Middle East, which is becoming a major hub for crypto operations. Dubai has attracted several crypto firms because of the friendly regulatory framework. Binance is also expanding into Europe and has received the needed licenses in France and Italy. It is also seeking to obtain regulatory approval in Germany.
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