Cryptocurrency exchange Coinbase has revealed its expansion plan to several European markets. The company is in the process of registering a cryptocurrency exchange in Spain, France, Italy and the Netherlands.
Coinbase expands in Europe
Coinbase Global Inc. (Nasdaq: COIN) is planning to expand its operations in Europe, Bloomberg reported on Wednesday, citing an interview with Nana Murugesan, vice president of International and Commercial Development at Coinbase.
Noting that Coinbase is focused on increasing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license in several European markets, including Italy, Spain, France, and the Netherlands.
The Nasdaq-listed company is currently registered in the UK, Ireland and Germany, Murugesan confirmed, noting that Coinbase also recently hired its first employee in Switzerland.
“In all these markets, our intention is to have retail and institutional products”, emphasized the executive, specifying:
It's almost like an existential priority for us to make sure we can fulfill our mission by accelerating our expansion efforts.
Coinbase is also open to acquisitions that will accelerate its expansion abroad, Murugesan noted.
However, the crypto exchange is shrinking. Earlier this month, CEO Brian Armstrong announced his company’s plan to lay off 1,100 employees, or 18% of its workforce.
Murugesan said Coinbase’s goal is for the international segment to become a “significant” part of its business. He opined:
That's our goal, but just when we get there, all of that, it's a lot of dependencies.
On Monday, global investment bank Goldman Sachs downgraded Coinbase to a “sell” rating. COIN is down more than 85% since it started trading on Nasdaq. At the time of writing, Coinbase Global is trading at $49.75, down over 36% over the past month.