Coinbase Reveals European Expansion Plan — Seeks Licenses in Spain, Italy, France, Netherlands – Exchanges Bitcoin News

Coinbase cryptocurrency exchange announced plans to grow in Europe. According to reports, the company is currently registering crypto exchanges in Spain, France and Italy.

Coinbase expands in Europe

Coinbase Global Inc. (Nasdaq: COIN) is reportedly planning to expand operations in Europe, Bloomberg reported Wednesday, citing an interview with Nana Murugesan, Coinbase’s vice president of International and Business Development.

Coinbase is focusing on Europe. The exchange executive stated that they are applying to license various European markets such as France, Spain and France.

Murugesan said that Coinbase, a Nasdaq listed company, is currently registered in Germany and Ireland.

“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.

Murugesan said that Coinbase also welcomes acquisitions to help it expand overseas.

However, the crypto exchange will be closing its doors. Earlier this month, CEO Brian Armstrong announced his company’s plan to lay off 1,100 employees, or 18% of its workforce.

Murugesan said Coinbase’s goal is for the international segment to become a “significant” part of its business. He commented:

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

On Monday, global investment bank Goldman Sachs downgraded Coinbase to a “sell” rating. Since its debut on Nasdaq, COIN has dropped more than 85%. Coinbase Global’s current price is $49.75 at the time this article was written, a decrease of 36% since its debut on Nasdaq.

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Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.