Coinbase announces European expansion plan in the wake of layoffs and pulled job offers

Coinbase looks to expand into Europe, CEO Brian Armstrong met with policymakers in London and Dublin this week, despite the market slump and recent layoffs.

The largest US cryptocurrency exchange, a . According to company blog postseeks to “make a concerted effort to strengthen its presence in Europe”.

Just last month, Coinbase announced It will cut its workforce by 18%-1,100 employees in preparation for the “expanded” crypto winter.

the company was also criticized After the cancellation of several job offers, it was promised that it would not be revoked. (Coinbase later set up a database To help those employees find other employment.)

“During market downturns, there may be a temptation to shy away from international expansion,” it said in Friday’s blog post. “We first entered the UK and EU during the bear market in 2015, a move that has rapidly paid off a few years since then. We will continue to build around the world, and do all we can to grow the crypto economy. Doing something.”

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

UK government in April announced The plan is to become a “Global Crypto Asset Technology Hub” – the stablecoin being used “as a recognized payment”.

“While the market will always be volatile,” the blog post concluded, “we believe the future is bright – and we are excited to build on that future with our customers and partners in the region.”

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