San Francisco-based cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) is reportedly doubling down on its overseas expansion, registering in markets including Italy, Spain, the Netherlands, and France.
What Happened: The company, already registered in the UK, Ireland and Germany, recently hired its first employee in Switzerland, as per a Bloomberg report.
“In all these markets our intention is to have retail and institutional products,” Nana Murugesan, Coinbase’s vice president of business development and international, was quoted as saying.
“It’s almost like an existential priority for us to make sure that we are able to realize our mission by accelerating our expansion efforts.”
See Also: How To Buy Coinbase (COIN) Shares
Why It Matters: Coinbase recently cut 18% of its global staff in a defensive move alongside competitors. However, Sam Bankman-Fried-led rival FTX, which is steadfast in growing its global presence, has continued to hire.
Coinbase has seen the value of its stock prices tumble in the wake of a sharp decline in digital assets such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
Read Next: Some Crypto Exchanges Are 'Secretly Insolvent' And 'Too Far Gone,' FTX Chief Tells Forbes
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