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Coinbase to expand in the Netherlands as it looks to strengthen European presence

Vishal Singh by Vishal Singh
July 4, 2022
in Coin Canals, News
Coinbase

Image credit: Coinbase

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US-based Coinbase, a crypto exchange platform, announced on Friday (July 1,  2022) that it aims to further grow its presence in the UK and Europe.

In a blog post, the company mentions, “We have met with policymakers in the UK, established a regional Centre of Excellence in Ireland, strengthened operations in DACH with our first hire in Switzerland, and are expanding our footprint across additional European markets.”

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Brief about Coinbase

Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase allows its users to create their own wallets and start buying or selling bitcoins by connecting with their bank accounts. It also provides a series of merchant payment processing systems and tools that support many highly-trafficked websites on the internet.

Approximately 98 million verified users, 13,000 institutions, and 230,000 ecosystem partners in over 100 countries use Coinbase to invest, spend, save, earn, and use crypto.

Expansion across Europe

The goal of Coinbase is to advance economic freedom, and it believes that spreading the use of cryptocurrencies will be the most effective method to do this. Because of this, the company’s emphasis is to continue to expand internationally.

Recently, the EU and the Markets in Crypto Assets Regulation, or “MiCA,” struck a historic agreement, creating the world’s most thorough regulatory framework and a single set of rules that apply to all 27 nations. As a result, the market will benefit from crucial legal and regulatory clarity, and standards will rise throughout the sector. “This is exciting — a harmonised single set of rules for the entire EU will enable us to invest, accelerate, and scale our growth efforts across the entire bloc,” says Coinbase.

In order to combat financial crimes and the transfer of illegal cash, the EU has made significant progress by coming to an agreement for the implementation of the Travel Rule. This agreement uses a risk-based methodology to determine the verification criteria for crypto-asset transfers to and from self-hosted wallets (SHWs). This is vital for both the growth of Web3 and the safeguarding of personal information.

Expansion in the UK

In a blog post, Coinbase says, “As part of our recently announced two-pronged growth strategy, we are driving a concerted effort to strengthen our presence in Europe. This week, Coinbase CEO and co-founder, Brian Armstrong, was on the ground with other members of our executive team in London and Dublin to meet with policymakers, partners, and key journalists. Brian also hosted our first-ever “Live from London” companywide global all-hands.”

The UK is presently Coinbase’s largest overseas market and aims to become a major global hub for crypto assets. Coinbase says its discussions with UK’s politicians about how to make those ambitions a reality are encouraging.

In 2015, Coinbase initially entered the UK and EU during the downturn market. The company says its decision paid off greatly a few years later during the bull run. It will continue to expand globally and will do everything possible to expand the crypto economy.

Expansion in further European countries

According to Coinbase, it already is on the ground in the UK, Ireland, and Germany. Additionally, they are also in the process of expanding to France, Italy, Spain, and the Netherlands. In all of these markets, the company’s goal is to launch the Coinbase suite of retail, institutional, and developer products.

Coinbase says, “We are thrilled that Peter Hofmann (Regional Manager) will develop our in-market presence in Switzerland as part of the Central European build-out that we just began, led by Sascha Rangoonwala, our DACH Regional Director, who is headquartered in our Germany headquarters.”

In Ireland, the company has established a regional Centre of Excellence (CoE) to drive business outcomes by working closely with regulators and internal teams including PED, Compliance, Legal and Policy. This new team will be led by Lory Kehoe, Head of EMEA, Market Operations.

Building portfolio via Coinbase Ventures

The US-based firm is funding the growth of the cryptocurrency ecosystem via Coinbase Ventures, an investment arm of Coinbase that aims to invest in early-stage cryptocurrency and blockchain startups.

The VC has already invested in close to a dozen businesses in the UK alone, including the loan protocol Euler and the cross-chain protocol Qredo, for traders and asset managers involved in the digital asset markets. To expand its portfolio, Coinbase Ventures is always evaluating potential acquisitions and new investments.

“While markets will always be volatile, we believe the future is bright — and we’re excited to keep building that future with our customers and partners across the region,” mentions Coinbase in a blog.

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