Coinbase Plans European Expansion despite Crypto Market Turmoil

Cryptocurrency exchange, Coinbase is considering expanding its footprint within Europe, thus widening its operations outside its American home market.

In an interview with Bloomberg, the crypto platform’s Vice President of Business Development and International, Nana Murugesan, also revealed that the exchange is already in the process of registering in several European markets, including Italy, Spain, France and the Netherlands.

Meanwhile, Coinbase already has a presence in Europe and the United Kingdom. It is already registered with the regulators in the UK, Ireland and Germany. Additionally, the report revealed that the exchange hired its first employee in Switzerland.

“In all these markets our intention is to have retail and institutional products,” he said. “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.”

Moreover, the American crypto exchange is looking for acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term opportunities as the current market crash wiped out the valuation of several cryptocurrency companies.

However, the crypto exchange itself was not immune from the impact of the ongoing market crash. It slashed 18 percent of its global staff earlier this month, mostly concentrated in the US, and even recalled several job offers.

A Leading Crypto Exchange

Coinbase is headquartered in California and listed on the American stock exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term Nasdaq. It is the leading retail crypto trading platform in the country but is now facing tough competition from local units of Binance and FTX.

On top of that, Coinbase expanded in India with big plans, but it faced a massive roadblock with fiat deposits days after its local operation launched earlier this year.

Meanwhile, the spot exchange has expanded into the lucrative crypto derivatives market and recently launched its first Bitcoin derivatives product targeting retail traders. Further, it decided to shut down its professional trading platform, Coinbase Pro, and merge all the services on one platform.