Coinbase ramps up European expansion after laying off employees

Coinbase is seeking licenses in European countries and stepping up its presence in the continent after cutting almost a fifth of its staff.

The US-based crypto exchange is looking to set up operations in countries like France, Italy, and Switzerland. It already has active operations in the UK, Ireland, and Germany. 

The move comes just a few weeks after Coinbase, the biggest crypto exchange in the US, announced it would be laying off 18% of its workers to manage costs as the crypto rout dragged cryptocurrency prices and hit the company’s stock.

The company’s CEO, Brian Armstrong, warned of a recession and a crypto winter when he announced the cuts and said it was critical to manage costs.

“When we entered U.K. and Europe, this was actually during the last big bear market in 2015-2016,” the company’s vice president of international, Nana Murugesan, said to CNBC.

“The U.K. is now a massive part of our business, as is Europe.”

Coinbase will hire a regional manager to oversee its European operations. The company is also seeking approval under anti-money laundering rules in countries like including France, said Katherine Minarik, the company’s vice president of legal, according to CNBC.