Crypto Giant Coinbase to Expand Its Footprint in Europe Despite Mass Layoffs
Coinbase wants to continue its European expansion in the middle of the brutal bear market
Coinbase, the largest cryptocurrency exchange in the U.S., has announced its plan to strengthen its presence in Europe in a Friday blog post.
One of the world’s leading crypto trading platforms claims that he wants to venture into the Netherlands, Spain, Italy, and France.
As reported by U.Today, Coinbase announced its plan to fire 1,100 employees (or roughly 18% of the company’s total workforce).
Earlier this week, Goldman Sachs downgraded the Coinbase stock, slashing its price target to just $45. The American banking behemoth predicted that the largest U.S. exchange would have to fire even more employees in order to adjust to the new reality.
As reported by U.Today, Bitcoin recently recorded its worst quarter in more than a decade after dropping to as low as $17,600 in July.
However, Coinbase claims that the crypto winter will not hinder its expansion in Europe. In fact, the company made a foray into the UK back in 2015 despite the fact that Bitcoin was in the middle of a brutal bear market. Such a move ended up paying off in the following years when cryptocurrency prices started to rise again.
