Coinbase looks to expand in Europe – Bloomberg News

(Reuters) – Cryptocurrency exchange Coinbase Global Inc has renewed focus on its expansion in Europe and is in the process of registering in markets including Italy, Spain, France and the Netherlands, Bloomberg News reported on Wednesday.

“In all these markets our intention is to have retail and institutional products,” the report quoted Nana Murugesan, Coinbase’s vice president of business development and international, as saying in an interview.

The company is already registered in the United Kingdom, Ireland and Germany, and recently hired its first employee in Switzerland, Murugesan said.

Coinbase did not immediately respond to a Reuters request for a comment.

The move comes weeks after the company slashed more than 1,000 jobs in the United States amid a downturn in the crypto sector.

Prices of digital assets have dived recently as rising interest rates and surging inflation prompt investors to ditch risky assets. That selloff has driven Coinbase shares more than 80% lower so far this year.

(Reporting by Manya Saini in Bengaluru; Editing by Aditya Soni)