Coinbase is expanding its operations into various countries in Europe amid a “crypto winter.” Despite laying off numerous employees and rescinding job offers, Coinbase’s vice president Nana Murugesan revealed intentions to register in Italy, Spain, France and the Netherlands.
In Switzerland, the United States-based cryptocurrency exchange has already hired its first employees, and it is already licensed to trade cryptocurrencies in the United Kingdom, Ireland and Germany.
In an interview on June 29, Murugesan stated that the firm is now looking to expand into Europe. Furthermore, amid the cryptocurrency market slump, the company is also open to acquisitions in the region.
He feels that it’s the ideal moment to expand into other countries because many crypto-focused businesses are having cash shortages and bankruptcy risks. The crypto market crash has wiped out almost $2 trillion from the overall market value. Currently, the market capitalization is approximately $900 billion, owing to the liquidity crisis, which has forced Three Arrows Capital and Celsius Network to almost shut down. He stated that:
“When we entered U.K. and Europe, this was actually during the last big bear market in 2015-2016.”
Cointelegraph reached out to Coinbase for comment but has not received a reply as of press time.
While Coinbase is the most well-known cryptocurrency exchange in the United States, it faces fierce competition from newer entrants like Binance, FTX, and Crypto.com. When Binance’s U.S. affiliate announced that it would no longer charge fees for Bitcoin trading, Coinbase’s shares dropped.
Coinbase is working to keep up with its competitors, which are gaining a lot of popularity in other areas of the world. Both Binance and FTX received licenses in the Middle East. In addition, Binance has obtained licensing in France and Italy and is seeking permissions in additional European nations.
Related: Crypto exchange Binance seeks critical licenses in Philippines, CEO says
While the worldwide technology industry is experiencing layoffs, Coinbase has not been immune. The crisis compelled the firm to reduce almost 18% of its global personnel in June, affecting its personnel in the UK and Ireland as well.