A company’s growth is important for its survival. Coinbase is the biggest cryptocurrency exchange to exist in the United States of America. The company is looking forward to expanding its operations in European countries like Switzerland, Italy, and France. In addition, the company has started to work on formalities to get the license for the same.
Coinbase already operates in countries like Germany, Ireland, and the UK. However, there is more to the story. Coinbase is planning to lay off approximately 18% of its workforce because of :
- High maintenance cost
- Company stock price
The company officials have warned the market of the upcoming recession and winter season for crypto-holders. According to the experts, the market is ready to enter a recession after a decade of economic growth and development. Investors are looking for steady returns because of rising inflation and fear of recession. Different cryptocurrencies have started to fall terribly.
Cautious investors have made it difficult for companies like Coinbase to run the day-to-day operations and manage costs.
UK and Europe market of Coinbase
Coinbase started operations in Europe and the United Kingdom during the bearish market season in 2015-16. However, soon these countries became an integral part of Coinbase’s operation.
In the end, Coinbase is now planning to expand its operations in the European market. Coinbase has plans to appoint a regional manager to look at the operations. Also, the company is trying to get permission under anti-money laundering laws in France.