Thursday, August 11 2022

Coinbase wants to expand in Europe, with CEO Brian Armstrong meeting policymakers in London and Dublin this week despite a market downturn and recent layoffs.

The largest US cryptocurrency exchange, according to a business blog postseeks to “lead a concerted effort to strengthen our presence in Europe”.

Last month, Coinbase announcement it would cut its workforce by 18% – 1,100 employees – in preparation for an “extended” crypto winter.

The company was also critical after rescinding numerous job offers, he promised not to be rescinded. (Coinbase later set up a database to help these future employees find another job.)

“During market downturns, the temptation can be to shy away from international expansion,” the blog post said on Friday. “We first entered the UK and EU during the bear market of 2015, a move that paid off in the bull run a few years later. We will continue to build around the world and do everything we can to grow the crypto economy.

San Francisco-based Coinbase already has offices in the UK, Ireland, and Germany, but is expanding into France, Italy, Spain, and the Netherlands.

The British government in April announcement plans to become a “global center of crypto-asset technology” – with stablecoins being used “as a recognized mode of payment”.

“While markets will always be volatile,” the blog post concludes, “we believe the future is bright and we are excited to continue building that future with our customers and partners across the region.”

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