Cryptocurrency exchange Coinbase has revealed its plan to expand in several European markets. The company is reportedly in the process of registering a crypto exchange in Spain, France, Italy, and the Netherlands.
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.
Noting that Coinbase is focused on growing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license in various European markets including Italy, Spain, France, and the Netherlands.
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.
Coinbase is also open to acquisitions that will accelerate its overseas expansion, Murugesan noted.
The crypto exchange is downsizing, however. 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 opined:
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. COIN has fallen more than 85% since it began trading on Nasdaq. At the time of writing, Coinbase Global is trading at $49.75, down more than 36% over the past month.
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