Leading U.S. cryptocurrency exchange Coinbase is working to be registered in more European countries, including Italy, Spain, France, the Netherlands, and Switzerland, Bloomberg reported on Wednesday. The exchange is already registered in the UK, Ireland, and Germany.
“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,” Coinbase’s vice president of business development and international, Nana Murugesan, said.
Coinbase Plans Acquisitions
He added that the exchange is prepared to make new acquisitions in the region as part of its expansion plans.
According to Murugesan, Coinbase first entered the European market during the bear market of 2015 and the region has since become a huge part of its business. Coinbase is now making a similar bet, as this news comes amid another crypto bear market.
Due to the extreme market conditions, the exchange recently laid off more than 18% of its global employees to manage its operating expenses and increase efficiency. However, the layoff affected only a few of its European headcount.
Analysts Downgrade Coinbase Shares
A few days ago, analysts at Wall Street powerhouse Goldman Sachs downgraded Coinbase stock from neutral to sell and set a $45 price target due to falling crypto prices.
The sharp decline in the crypto market has driven the price of Coinbase shares (COIN) to plunge more than 80% this year. At the time of filing this report, COIN was trading at $49.75, down by 36% in the past month.
Meanwhile, as Coinbase is moving slowly with its expansion plans, its competitors including Binance, FTX, and CryptoCom are moving at a faster pace. A few months ago, Binance and FTX obtained Middle East licenses to operate in Bahrain and Dubai, respectively.
Last month, Binance also received approval from Italian regulator Organismo Agenti E Mediatori (OAM) to operate as a virtual asset service provider in the country.
Source: https://coinfomania.com/coinbase-plans-europe-expansion/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=coinbase-plans-europe-expansion