Coinbase revealed its intention to expand to Europe a few weeks after firing some workers due to the crypto-market situation.
According to a blog post by the firm, the decision to expand the company’s reach in Europe is part of its dual growth strategy recently released.
The firm wrote that the international expansion is “fundamentally mission-oriented” and it is a “company priority.”
The company’s expansion plan will lead to it expanding its reach from its current strongholds in the UK, Ireland and Germany to other European countries such as France, Italy and Spain.
Coinbase was in the news recently due to its decision to lay off some workers due to the economic situation. The firm led by Brian Armstrong also hired new workers who were supposed to resume at the stock exchange, thereby angering the industry.
Coinbase responds to Europe’s MiCA agreement
Earlier this week, the European Union reached a landmark agreement on the Markets in Crypto Assets Regulation (MicA).
The agreement represents the most comprehensive regulatory framework worldwide for the regulation of crypto-assets. It will also serve as a single rulebook across 27 countries in the region.
In response to the development, Coinbase described it as a major step towards a reasonable agreement for the implementation of the travel rule to tackle financial crimes and the transfer of illegal funds.
It noted that the agreement would “provide significant legal and regulatory certainty to the market and raise industry standards.”
It’s exciting – a harmonized single set of EU – wide rules will enable us to invest, accelerate and scale our growth efforts across the block.
In addition to its decision to expand its market reach, the company has also announced that it will continue to invest in the crypto-ecosystem as part of its efforts to develop the sector.