Coinbase arrives in France and in various European countries

Coinbase outlined the steps it is taking to expand in Europe to drive new user and revenue growth and particularly in France.

The San Francisco-based cryptocurrency exchange is in the process of registering in markets including Italy, Spain, France and the Netherlands, said Nana Murugesan, vice president of international and business development from Coinbase, in an interview with Bloomberg.

The company is already registered in the UK, Ireland and Germany. The company also recently hired its first employee in Switzerland, she added.

In all these markets, our intention is to have products for individuals and institutions“said Nana Murugesan. “It’s almost like an existential priority for us to make sure we can achieve our mission by accelerating our expansion efforts.

Nana Murugesan said the company was open to acquisitions that would accelerate its overseas expansion, especially given falling valuations across the sector.

Few layoffs in Europe

According to Bloomberg, while Coinbase cut 18% of its global workforce in June, those cuts were concentrated in the United States and accounted for just 7% at the company’s main European offices in London and Dublin. Coinbase shares plunged nearly 20% this week after Goldman Sachs recommended selling the company’s shares, predicting Coinbase’s revenue could fall sharply in the second half of this year.

Nana Murugesan said the goal is for the international segment of the company to eventually dominate its business.

It should represent a significant part, probably the majority, of our activity“, did he declare. “That’s our goal, but exactly when we get there, all of that, there’s a lot of dependencies“.

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