Coinbase Plots Europe Expansion Despite Crypto Winter
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Coinbase Plots Europe Expansion Despite Crypto Winter

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2 months ago

It is hoped a flurry of senior hires will help Coinbase launch new products, grow its customer base across Europe, and expand to new markets.

Coinbase Plots Europe Expansion Despite Crypto Winter

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Coinbase has announced four new hires as it doubles down on expansion in Europe.

In a statement, the exchange said its commitment to the region is "stronger than ever" — despite the recent downturn in the crypto markets.

Elke Karkens is becoming the country director in the U.K., while Cormac Dinan is taking up the reins in Ireland.

Patrick Elyas is being tasked with market expansion across the EMEA region, while Michael Schroeder will be director of controls in Germany.

Acknowledging that the past few weeks have been some of the most challenging in the history of crypto, executives wrote:

"​​The prospect of furthering our mission to bring more economic freedom to each and every individual and business around the world was top of mind. This remains the case, and perhaps even more than ever."

It is hoped this flurry of hires will help Coinbase launch new products, grow its customer base across Europe, and expand to new markets.

Earlier this year, Brian Armstrong had expressed a desire for the crypto exchange to become less America centric — all while reducing its reliance on transaction fees.

Despite concerns over the approach that the European Union is taking toward the regulation of digital assets, Coinbase said in its blog post:

"We strongly feel that the EMEA region is leading the way in creating a safe and secure regulatory environment for crypto. In fact, we consider it a gold standard setter and an example of what can be achieved when the political will is there. The importance of this has never been more apparent than in the last few weeks, when the devastating fallout for customers and investors of an offshore, unregulated entity has become clear."

This is undoubtedly a reference to FTX, which was based in The Bahamas. The exchange, founded by Sam Bankman-Fried, is now in the throes of bankruptcy proceedings after serious allegations of mismanaged funds came to light.

Coinbase said that "responsible" crypto companies embrace regulation that protects customers while fostering innovation — and said the EU's Markets in Crypto Assets agreement, alongside Britain's Financial Services and Markets Bill, are examples of this in practice.

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