High-profile crypto platform Coinbase is reportedly planning for further expansion of its operations into numerous nations in the EU region, regardless of bearish movements in the market. 

Specifically, although the firm has released many of the staff and rescinding job offers, Coinbase’s vice president Nana Murugesan disclosed intentions to complete registration in Italy, Spain, France and the Netherlands.

In Switzerland, the America-headquartered cryptocurrency exchange has already completed the onboarding of its first employees and has already obtained licensing to trade cryptocurrencies in the United Kingdom, Ireland and Germany.

In an interview on June 29th, Murugesan reportedly claimed that the company is now working towards the plan of widening its footprints to cover Europe. Moreover, during the cryptocurrency market slump, the firm is also open to acquisitions in the area.

Per Murugesan, the moment proved ideal to commence the expansion into other nations, due to the fact that numerous crypto-centric establishments are having cash shortages and bankruptcy risks. 

The crypto market crash has wiped out almost $2 trillion from the overall market value. At the moment, the market capitalization is around $900 billion, because of the liquidity crisis, which has forced Three Arrows Capital and Celsius Network to nearly cease their operations.

“When we entered U.K. and Europe, this was actually during the last big bear market in 2015–2016.”

Despite Coinbase is among the top recognized cryptocurrency exchange in America, it has to deal with intense rivary from newer entrants such as Binance, FTX, and Crypto.com. When Binance’s U.S. affiliate announced that it would no longer charge fees for Bitcoin trading, Coinbase’s shares dropped.