Cryptocurrency exchange Coinbase is planning to expand further in Europe after laying off several employees and canceling new job offers.

Nana Murugesan, Vice President of International Business Development at Coinbase, based in San Francisco, California, revealed plans to register and expand in countries including:

Italy, Spain, France and the Netherlands.

Coinbase is already a cryptocurrency trading platform registered in the UK, Ireland and Germany.

The company has also appointed its first employee in Switzerland.

Coinbase plans to expand into Europe:

In an interview today, June 30, Nana Murugesan stated:

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The company is currently seeking to expand into the European market.

Additionally, the company is open to acquisitions in the region where valuations are dropping amid the cryptocurrency crisis.

In all of these markets we aim to acquire retail and institutional products.

It is almost an existential priority for us to make sure that we are able to achieve our mission by accelerating our expansion efforts.

As for the answer to the article title: Crypto company “Coinbase” prefers to expand into several new countries… Why this move now?

The Coinbase team believes that this is the best time to expand into other regions as many crypto-focused companies are facing a cash crunch and the risk of bankruptcy.

The crypto market crash wiped out nearly $2 trillion in total market capitalization.

Currently, the market cap has fallen below $900 billion as a liquidity crunch has pushed Three Arrows Capital and Celsius to the brink of bankruptcy.

While the global technology industry is facing job cuts, including Coinbase, which is not spared from this as well.

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The crisis caused the company to cut nearly 18% of its global staff in June, which also affected staff in the UK and Ireland.

Coinbase’s expansion strategy:

Coinbase has a history of driving expansion in challenging market conditions.

Looking at the history of the company, we find that its last expansion in Europe was in 2015 and that time was also a difficult time for the crypto market.

Coinbase wants to catch up with competitors such as Binance, FTX and Crypto.com as these companies have already expanded into several regions.

Murugesan stated that the company’s ultimate goal is global domination.

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