Coinbase Aims For Aggressive EU Expansion Amid Crypto Winter

Coinbase aims for aggressive EU expansion amid the crypto winter and it seems the exchange is already licensed to trade crypto in the US, Germany, and Ireland so let’s read more today in our latest Coinbase news.

Coinbase aims for aggressive expansion plans into Europe amid the crypto winter and despite laying off employees and rescinding job offers, the exchange’s vice president Nana Murugesan revealed intentions to register in France, Spain, Netherlands, and Italy. Back in Switzerland, the US-based crypto exchange already hired the first employees and got a license to trade crypto in the UK, Germany, and Ireland. In an interview recently, Murugesan stated that the company is looking to expand into Europe and amid the crypto marekt slump, the company aims for acquisitions in the region.

He thinks that this is the ideal moment to expand into other countries because most crypto businesses are having cash shortages and bankruptcy risks so the market crash wiped out $2 trillion from the overall market value so right now, the marekt cap is about $900 million due to the liqudity crisis which forced three Arrows Capital and the Celsius Network to shut down:

“When we entered U.K. and Europe, this was actually during the last big bear market in 2015–2016.”

While Coinbase is the most well-known crypto exchange in the US, it faces fierce competition from new entrants such as fTX, Crypto.com, and Binance. So when Binance’s affiliate announced that it will no longer charge fees for BTC trading, the Coinbase shares dropped. Coinbase is now working to keep up with the competitors which are gaining a lot of popularity in other areas of the world. Both FTX and Binance recieved licenses in the Middle East and in addition, Binance obtained a license in France and Italy, waiting for others in the EU region.

While the worldwide tech industry is experiencing some layoffs, coinbase has not been immune and the crisis urged the company to reduce 18% of its global personnel which affected its personnel in the UK and Ireland.

As recently reported, Coinbase added SOL staking rewards and it will offer these services for users who hold and stake Solana but the service will be rolled out gradually. Crypto exchange Coinbase enabled staking benefits for Solana and enabled holders on the platform to earn SOL rewards for holding the coin and keeping it staked on the network. Coinbase announced the move noting that it will gradually roll out the feature to its entire user base. The company will provide a 3.95% annual percentage yield on SOL which is staked on the network with rewards distributed every three to four days.