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 This activity is going forward in the face of layoffs and job offers being withdrawn.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.