Friday, April 19, 2024

Despite the crypto winter, Coinbase is seeking rapid expansion into Europe.

Despite facing what is termed a “crypto winter”, Coinbase is working hard on expanding operations in Europe. It has applied and received a license to operate in the UK, Germany, and Ireland already. This activity is going forward in the face of layoffs and job offers being withdrawn. According to Nana Murugesan, VP of Coinbase, the company’s intention is to register for operations in Spain, Italy, the Netherlands, and Italy.

The US-based exchange has already hired employees in Switzerland to commence trading. On June 29th, Mr. Murgesan said that Coinbaise is looking forward to expanding its European operations. Not only that, due to the slump in the crypto market, Coinbase is looking to acquire more opportunities in this region. According to him, this is the ideal time to expand because many businesses in this sector are dealing with a cash crunch and a real possibility of bankruptcy.

Market volatility and losses have wiped out close to $2 trillion in value from the market. As it stands, crypto market cap is about $900 billion. Because of liquidity issues, companies like Celsius and Three Arrows Capital are on the brink of shutting down.

Coinbase is one of the best-known crypto exchanges in the US and facing stiff competition from new entrants like FTX and Binance. Coinbase share prices dropped when Binance said that it would not charge fees to trade in BTC. Coinbase is working hard to keep up with the competition – many companies are becoming quite popular across the globe. For instance, FTX and Binance have licenses to start operating in the Middle East. Binance already has licenses to start operations in Italy and France. Coinbase is feeling the pressure to deal with competitors.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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