Coinbase to Expand to Europe


Coinbase revealed its intention to expand into Europe a few weeks after it sacked some workers due to the crypto market situation.

According to a blog post from the firm, the decision to expand the company’s reach in Europe is part of its recently released two-pronged growth strategy.

The firm wrote that the international expansion is “fundamentally mission-aligned” and it is a “company priority.”

The company’s expansion plan would see it extend its reach from its current strongholds in the United Kingdom, Ireland, and Germany to other European countries like France, Italy, and Spain.

Coinbase was recently in the news because of its decision to lay off some workers because of the economic situation. The Brian Armstrong-led firm also unhired new workers that were supposed to resume at the exchange, thereby drawing the ire of the industry.

Coinbase Reacts to Europe’s MiCA Agreement

Earlier this week, the European Union reached a landmark agreement on the Markets in Crypto Assets Regulation (MicA).

The agreement represents the most comprehensive regulatory framework globally for the regulation of crypto assets. It will also serve as a single rule book across 27 countries in the region.

Reacting to the development, Coinbase described it as a major step toward arriving at a reasonable deal for the implementation of the Travel Rule to tackle financial crimes and the transfer of illicit funds.

It noted that the agreement would “provide important legal and regulatory certainty to the market, and raise standards across the industry.”

This is exciting — a harmonized single set of rules for the entire EU will enable us to invest, accelerate, and scale our growth efforts across the entire bloc.

Besides its decision to expand its market reach, the company also announced that it will continue to invest in the crypto ecosystem as part of its efforts to develop the sector.