Cryptocurrency exchange Coinbase said it will continue to make every effort to strengthen its presence in Europe despite the downturn in the cryptocurrency market and recent cuts in the company.
Coinbase said that the industry regulatory standards set by the European Union will give new impetus to other countries and jurisdictions and push them to regulate and implement industry rules. Coinbase currently has offices in Germany, the UK and Ireland, but the company is preparing to open new ones in the Netherlands, France, Spain and Italy.
“During market downturns, it can be tempting to shy away from international expansion. We first launched in the UK and EU during the 2015 bear market, and the move paid off when the upswing began a few years later. We will continue to expand around the world and do our best to develop the crypto economy,” the announcement reads.
Coinbase CEO Brian Armstrong intends to meet with politicians in London and Dublin. The exchange also plans to invest in the development of the crypto ecosystem through its venture capital company Coinbase Ventures. The firm has already invested in several fintech companies in the UK, including the Euler lending protocol and the Qredo cross-chain protocol.
Earlier, the exchange denied rumors that it was selling its users’ data to an agency under the US Department of Homeland Security.