Coinbase Plans Expansion into Europe amid Market Downturn
Nasdaq-listed cryptocurrency exchange Coinbase Global Inc has announced its plans to expand its operations in the European Union and the United Kingdom despite the ongoing market downturn.
According to an update shared by Nana Murugesan (VP of Business Development and International), and Tom Duff Gordon (VP of International Policy), the plan to expand its reach in the EU aligns with its overall goal of powering economic freedom through cryptocurrencies across the board.
The executives outlined that the company currently has a presence in some key economies, including the UK, Ireland, and Germany. They also unveiled plans that the exchange is in the process of expanding in France, Italy, Spain, and the Netherlands. In a bid to achieve these moves of expansion, they noted that CEO, Brian Armstrong as well as some members of the Coinbase executives are in the UK talking to policymakers.
The exchange commended the landmark agreement on Markets in Crypto Assets (MiCA) reached by the key EU bodies on July 30. According to Murugesan and Gordon, the regulatory clarity will help the exchange to build the complete suite of its products in the region.
“The EU is setting measured regulatory standards for crypto assets, which should provide renewed impetus for other jurisdictions to reflect on their own approaches to regulation and Travel Rule implementation,” the duo wrote in the blog post, “During market downturns, the temptation can be to shy away from international expansion. We first entered the UK and EU during the bear market in 2015, a move that paid off significantly during the bull run a few years from then. We’ll keep building around the world, and doing everything we can to grow the crypto-economy.”
While Coinbase exchange outlined its current investments in the region including Qredo and Euler, it said its commitment to building a functional landscape in the EU and UK will be comprehensive across the bloc.
The plans for expansion are one of Coinbase’s first attempts to shrug off the effect of the ongoing market onslaught which pushed it to lay off 18% of its global workforce back in June.
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