Coinbase Plans Expansion into Europe amid Market Downturn

Coinbase Global Inc is a Nasdaq-listed cryptocurrency exchange Coinbase Global Inc announced Despite ongoing market turmoil, its plans are to expand operations in the European Union (EU) and the United Kingdom. 

According to Nana Murugesan, Vice President of Business Development and International, and Tom Duff Gordon VP of International Policy (VP of International Policy), their plan to expand in the EU aligns to its overall goal of promoting economic freedom. cryptocurrencies All across the board.

The company has a presence currently in the UK, Ireland and Germany according to the executives. The executives also revealed plans to expand the exchange in France, Spain, Italy, and the Netherlands. They noted that Brian Armstrong, CEO, as well as other Coinbase executives, are currently in the UK meeting with policymakers to discuss these expansion plans. 

The exchange expressed gratitude for the landmark agreement reached by key EU agencies on July 30, on Markets in Crypto Assets. According to Murugesan and Gordon, the regulatory clarity will help the exchange to build the complete suite of its products in the region.

“The EU is setting measured regulatory standards for crypto assets, which should provide renewed impetus for other jurisdictions to reflect on their own approaches to Regulating and Travel Rule implementation,” the duo wrote in the blog post, “During market downturns, the temptation can be to shy away from international expansion. We made our first entry to the UK and EU during 2015’s bear market. This move paid off in the bull run just a few years later. We’ll keep building around the world, and doing everything we can to grow the crypto-economy.”

Coinbase exchange described its investments in the region, including Qredo or Euler. However, it stated that its commitment to creating a functional landscape within the EU and UK would be universal across the bloc. 

The plans for expansion are one of Coinbase’s first attempts to shrug off the effect of the ongoing market onslaught which pushed it to lay off 18% of its global workforce back in June.

Source: Shutterstock

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