Cryptocurrency exchange Coinbase has revealed its plans to expand in several European markets. The company is reportedly in the process of registering a cryptocurrency exchange in Spain, France, Italy and the Netherlands.

Coinbase expands in Europe

Coinbase Global Inc. (NASDAQ: COIN) plans to expand operations in Europe, Bloomberg reported Wednesday, citing an interview with Coinbase vice president of international and business development Nana Murugesan.

The executive noted that Coinbase is focused on expanding its presence in Europe, revealing that the exchange is applying for licenses for various European markets including Italy, Spain, France and the Netherlands.

Murugesan confirmed that the Nasdaq-listed company is currently registered in the U.K., Ireland and Germany, noting that Coinbase also recently hired its first employee in Switzerland.

“In all of these markets, our intent is to have both retail and institutional products,” the executive emphasized, elaborating:

Ensuring that we can deliver on our mission by accelerating our efforts is almost like our existential priority.

Murugesan noted that Coinbase is also open to acquisitions that accelerate its overseas expansion.

However, cryptocurrency exchanges are downsizing. Earlier this month, CEO Brian Armstrong announced the company’s plan to lay off 1,100 employees, or 18% of its workforce.

Murugesan said Coinbase aims to make international operations a “significant” part of its business. he thinks:

That’s our goal, but when exactly do we get there, all of that, there are 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 the 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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What do you think of Coinbase’s in Europe? Let us know in the comments section below.

Helms

As an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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