Coinbase, one of the world’s leading and largest cryptocurrency exchanges, has turned its focus back to Europe to grow.
The exchange already has a presence in the U.K., Ireland, and Germany but wants to set up operations in Spain, Italy, France, the Netherlands, and Switzerland, according to Nanan Muruguesan.
For example, both Binance and FTX obtained licenses in the Middle East in Dubai. Binance also secured authorization in France and Italy and sought approvals in additional European countries.
According to Bloomberg News, Coinbase is advancing the registration process in France, the Netherlands, Spain, and Italy.
“We intend to have retail and institutional products in all of these markets,” said Nana Murugesan, Vice President of Coinbase, in a statement.
Coinbase reported a 27% decline in the first quarter as overall platform usage declined. This business is currently heavily reliant on trading fees. But it hopes to diversify into new products, including non-fungible funds and interest-like rewards known as staking. (1)
Coinbase VP of enterprise growth worldwide was quoted as saying.
” It is nearly like an existential precedence to accept that we are in a position to notice our mission by accelerating our growth efforts.”