Nasdaq-listed cryptocurrency exchange Coinbase (COIN) is planning to expand throughout Europe to fuel its growth in new users and revenue by registering in markets that include Italy, Spain, the Netherlands, and France.
According to Bloomberg, the company is building up its presence in Europe and is in the process of registering in markets throughout the continent after already being registered in the U.K., Ireland, and Germany. The company, according to its vice president of business development and international Nana Murugesan, has recently hired its first employee in Switzerland.
In all these markets our intention is to have retail and institutional products. 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.
The Coinbase executive added that the company is open to acquisitions that will accelerate its expansion in Europe, especially with valuations in the cryptocurrency space plunging over the ongoing bear market that has seen BTC post its worst quarter in over a decade.
Earlier, Coinbase cut 18% of its global staff, with most of the cuts being focused on the U.S. and amounting to 7% of the company’s primary European offices. Other cryptocurrency companies including Gemini, BlockFi, and Crypto.com also announced layoffs last month.
Coinbase’s shares dropped significantly this year, and saw another downturn earlier this week after Goldman Sachs downgraded it to a sell rating while predicting Coinbase’s revenue could drop substantially in the second half of the year.
The cryptocurrency exchange has in the past dealt with numerous controversies, with reports now suggesting it has been selling geolocation data to the United States Immigration and Customs Enforcement (ICE). The company has clarified it “does not sell proprietary customer data.” The controversy has nevertheless seen various users move to delete their Coinbase accounts.