On Monday, Coinbase said it had received the regulatory green light to operate in Italy. The platform continues to expand in Europe as it faces internal challenges.
Coinbase is establishing itself in Italy
Coinbase is now compliant with the principles of Organismo Agenti e Mediatori (OAM). From now on, the California Stock Exchange can serve its clients from Italy in full compliance with the law. All this is made possible thanks to obtaining its license from the regulators in the country. Vice President of Business Development and International Brand Affairs said:
“Establishing a constructive relationship with regulators in all the countries in which we operate is critical in our quest to develop and increase economic freedoms around the world. Obtaining this license testifies to our close cooperation and the healthy and positive relationships that we maintain with Italian financial regulators.”
After settling in several European countries including the UK, Ireland and even Germany, Coinbase is seeking to conquer the entire continent. Indeed, the operator continues to establish itself as it seeks to stand up to the law.
For some, the bear market context, which allows many projects to collapse, does not seem conducive to expansion. But Coinbase believes in the future. In a blog post from the company, we read these words:
“In times of market downturn, the temptation may be to stay away from international expansion. We first entered the UK and EU during the 2015 bear market, a move that paid off to the upside a few years later. We will continue to build around the world and do everything we can to develop the crypto economy.”
The US stock market wants to expand into Europe
Europe has become the new target for major trading platforms. In fact, the interest of the latter has increased. In early July, Binance was granted registration as a crypto asset service provider with the Bank of Spain after submitting an application at the end of January.
With that in mind, Coinbase does not want to be outdone by one of its main competitors, which has abused it on several levels in recent weeks. Although the latter has already established itself in France and Italy, Coinbase intends to catch up and position itself in new markets such as Holland and Switzerland.
This all took place in Europe as rumors wanted to suggest that the platform was having liquidity issues. Business Insider reported that the operator is ending its affiliate marketing program in the United States. In addition, the actions also relate to a workforce reduction of 18%, or 1,100 employees.
Remember that Coinbase is no longer part of the top 10 leading digital asset exchanges in the world and its price has fallen by more than 80%. Its current price of $58 is a far cry from its November 9 peak of $357.
All information on our website is published in good faith and for general information purposes only. Any action the reader takes based on the information on our website is entirely at his or her own risk.