Coinbase Seeks Operation License in Europe in Pursuit of Global Expansion 

Coinbase exchange

July 1, 2022

Reading Time: 2 minutes

The US largest cryptocurrency exchange in its quest for global expansion is reportedly seeking licenses in Spain, the Netherlands, Italy, and France.

In a report by Bloomberg earlier this week, Bloomberg cited an interview with Nana Murugesan, Coinbase’s vice president of International and Business Development who noted that Coinbase is in pursuit of global expansion and the company is currently in the process of being registered as a legal entity in four European countries.

The Nasdaq-listed company is currently registered in the U.K., 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,” the executive emphasized, elaborating:

“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.”

Also in Murugesan’s statement, Coinbase is very much open to acquisitions that will facilitate its expansion globally. He however furthered that Coinbase’s goal is for the international segment to become a “significant” part of its business.

“This is what our goal would be, but exactly when do we get there, all of that, there’s a lot of dependencies.” said Murugesan.

This year seems to be the most challenging year since the birth of crypto. We’ve witnessed many crypto firms like Coinbase laying off their staff while others are folding up. 

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Coinbase is downsizing 

Last month, as reported by MyCryptoParadise, Armstrong’s Coinbase in its blog post said it is laying off 18% of its staff due to the economic downturn.

Coinbase also in May this year, lost a significant part of its value, an event that was attributed to the crypto crash.

Also earlier the week, global investment bank, Goldman Sachs downgraded Coinbase to a “sell” rating, COIN is down 85% since it started trading on Nasdaq.

In the midst of this, Coinbase wants to level with its global competitors as Binance and FTX continue their global expansion.

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