Coinbase has begun expanding internationally in order to drive growth amid a “crypto-winter”. This comes after they announced that they would be laying off 18% of their workforce, making them one of the few companies to take this step.
Coinbase is prioritizing the security and compliance roles of the company after a period of rapid growth. They are planning to hire a regional manager to oversee operations in Europe.
Coinbase is hiring a regional manager to oversee its European operations. The firm will be prioritizing “mission-critical roles” in fields like security and compliance after a period of rapid growth.
Justin Murugesan, who was hired by Coinbase in January of 2022, says that this past bear market has not been a major obstacle for their expansion into Europe.
When asked about the tough times in the beginning, he replied by saying, “But it’s paid off, significantly.” Coca-Cola has recently seen a major increase in business, largely due to their expansion within Europe and the U.K. This was at a huge risk when the company first started but they are now finally getting results they had dreamed of.
Coinbase is in talks with countries such as France to get approval under anti-money laundering rules. Katherine, Coinbase’s vice president of legal, commented on this matter, saying “We are seeing a very positive response.”
Company is gearing up for MiCA laws coming from the EU which aims to harmonize crypto regulation across the bloc.
Coinbase is the biggest crypto exchange in the U.S. but it is facing intense competition from newer players. Coinbase’s shares fell after Binance’s U.S arm announced that it would no longer charge trade fees to bitcoin traders.
With so many stakeholders, sometimes tasks take longer to complete. Regardless of the time and effort it takes, the company is committed to staying the course.
Who will win the race in the long term?
Interest rates are going up and this is making investments less profitable. These higher rates are leading to job cuts at companies because they can no longer sustain their businesses.
U.S. currency exchange Coinbase cut 1000+ jobs globally, regrettably affecting 18% of their workforce. Of the 7% of roles cut locally in the U.K., around half are in customer service and operations, while others are based at the Coinbase HQ office in London.
Coinbase saw a 27% decline in customer usage in the first quarter, and is hoping to offset this by introducing new products like non fungible tokens and staking.
By analyzing Coinbase data, Murugesan estimates that there are up to 9.2 million monthly active users of Coinbase worldwide and less than 50% are using the app for trading. More people use it for day to day activities such as buying Bitcoin or sending it peer-to-peer.
