Cryptocurrency exchange Coinbase announced that it has chosen its base of operations in Germany as a Talent Hub, with the aim of expanding its product offerings throughout Europe.
This announcement is part of Coinbase’s international market strategy, called “Go Broad, Go Deep,” which aims for global crypto acceptance.
Coinbase: Germany as base for cryptocurrency exchange’s expansion in Europe
In a blog post, Coinbase announced that it has chosen its base of operations in Germany (Coinbase Germany GmbH) as the starting point for its expansion across Europe.
Specifically, the cryptocurrency exchange wanted to name Germany as its Regional Talent Hub in an effort to expand its product and service offerings to the rest of the continent.
This announcement is part of Coinbase’s international market strategy, called “Go Broad, Go Deep,” which includes a tour of key “go deep” markets in the European Union over the next two weeks.
The crypto-exchange is reportedly already planning other new operational and staffing announcements covering Ireland, the Netherlands, Spain and Italy.
Returning to Germany, Coinbase is already a crypto company with a cryptocurrency license in the territory, issued by BaFin in June 2021. In practice, with this license, Coinbase was the first crypto company to be licensed to operate in cryptocurrency trading and custody in the country.
Not only that, this license is part of the new cryptocurrency custody regime implemented in Germany in January 2020.
Coinbase: Germany is the second-largest crypto market for cryptocurrency exchange
Basically, choosing Germany as a Regional Talent Hub is not that much of a gamble for Coinbase. In fact, since obtaining its license, the crypto-exchange has experienced significant growth in its German operations, even doubling its staff in the past year.
In this case, however, what Coinbase wants to establish is the integration of its German subsidiary in the search and development of local talent in the cryptocurrency industry. Basically, only with the right talent will it be possible for the crypto-exchange to proceed with its expansion throughout the region.
Speaking in numbers, Coinbase points out that more than 6 percent of the 83 million inhabitants of Germany (the largest EU member state) are investors in cryptocurrencies.
Not only that, in this year, Coinbase’s blockchain sector attracted a total of $355 million in venture capital funding, in addition to 2.4 percent of global blockchain funding and 2.5 percent of global transactions. This compares with 2022 figures of 0.9 percent of global funding and 1.9 percent of global transactions.
Overall, Germany accounts for 10.3 percent of all European blockchain transactions.
In this regard, Nana Murugesan, vice president of international and business development at Coinbase, commented as follows:
“Due to the ongoing migration of Web3 firms from the US, the European share of talented developers is increasing, establishing the region as a leader in Web3. Germany is our second largest international market, and the talent available in the country is super exciting. It’s a natural choice for our regional talent hub.”
G20 in Brazil as an opportunity for unified crypto regulation
Last September, Coinbase spoke out about the upcoming G20 to be held in Rio De Janeiro, Brazil, saying it could become a place of “global consensus” on crypto.
Specifically, the crypto-exchange would like to make the meeting a real opportunity to push for unified regulation for the cryptocurrency industry.
Its intention to champion such a global goal is part of its “Go Broad, Go Deep” strategy that currently focuses on 24 countries, including G20 members, Hong Kong, Switzerland, UAE and Singapore.
This strategy is intended to highlight how countries continue to compete to become crypto hubs so as to reap the economic and competitive benefits of serving the world’s digital asset holders.
Source: https://en.cryptonomist.ch/2023/10/18/coinbase-cryptocurrency-exchange-germany/