Following the layoffs and rescinding of employment offers, the cryptocurrency exchange Coinbase intends to grow deeper into Europe. The intentions to register in nations such as Italy, Spain, France, and the Netherlands, were announced by Nana Murugesan, vice president of the California-based crypto exchange.
Countries such as Germany, Ireland, the United Kingdom, and even Switzerland, where the first employee was hired recently, already have Coinbase as a licensed crypto exchange.
As the prices in the region decline due to the crypto crisis, the company is open to purchases in the region, while they are looking to expand in the European market, according to Murugesan, the vice president of business development and international at Coinbase.
“In all these markets our intention is to have retail and institutional products. It’s almost like an existential priority for us to make sure that we are able to realize our mission by accelerating our expansion efforts.” – is what he stated in an interview, on June 30.
He feels that now is the most significant moment to grow into other countries because many crypto-focused businesses face financial shortages and insolvency worries. The crypto market crisis has reduced the entire market valuation by about $2 trillion. The market valuation has now slipped below $900 billion, as the liquidity crisis has forced Three Arrows Capital and Celsius to declare bankruptcy.
Just recently, in June, the company had to reduce over 1% of its global workforce, thus affecting employees in the UK and Ireland as well, making Coinbase not immune to the current market crash.
In bear market conditions, Coinbase is known for pressing for growth; when previous European expansion in 2015 occurred amid a challenging period for the crypto market. Competitors such as Binance, FTX, and Crypto.com have already expanded into other countries, and Coinbase is trying to do the same.
“It should be significant — majority probably — of our business. This is what our goal would be, but exactly when do we get there, all of that, there’s a lot of dependencies.” – stated Murugesan, pressuring the need for global dominance.