Coinbase seeks licenses in Europe as it looks to ramp up growth outside the U.S.
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Coinbase is seeking licenses with various countries in Europe as part of an aggressive expansion in the region.
The exchange already has an active presence in the U.K., Ireland and Germany, but wants to set up operations in Spain, Italy, France, the Netherlands and Switzerland, according to Nana Murugesan, Coinbase's vice president of international. Coinbase recently hired its first employee in Switzerland, he says.
The U.S. crypto giant is looking to international markets to drive growth amid fears of a looming «crypto winter.» Earlier this month, Coinbase announced it would lay off 18% of its workforce, while other firms including Gemini and BlockFi haven taken similar steps amid a fall in crypto prices.
Still, Murugesan says Coinbase is planning to hire a regional manager to oversee its European operations. The firm is mainly prioritizing «mission-critical roles» in fields like security and compliance after a period of rapid growth, he added.
«When we entered U.K. and Europe, this was actually during the last big bear market in 2015-2016,» said Murugesan, who joined Coinbase in January 2022.
«But then when you fast forward to 2017-2018, the U.K. is now a massive part of our business, as is Europe,» he added. «We entered, we made bets. I'm sure it was probably a tough time. But it's paid off, significantly.»
Coinbase is in talks to get approval under anti-money laundering rules in a number of countries, including France, said Katherine Minarik, the company's vice president of legal.
The company is gearing up for MiCA, or Markets in Crypto-Assets, a landmark piece of legislation from the EU that aims to harmonize the regulation of crypto across the bloc.
Officials from the European Council and Parliament
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