Coinbase, the US-headquartered cryptocurrency exchange, is anticipating a footprint in the European market. The company has tapped Cormac Dinan, a former general manager of the CryptoCom exchange, to take on the position of Director of Coinbase in Ireland. Dinan is among a total of five new employees confirmed by Coinbase in order to streamline its operations in European countries. In an official blog post, the cryptocurrency exchange said that these recruitments are part of the Go Broad and Go Deep strategy, which has been part of its agenda since the beginning of this year.
Elke Karskens, former director of partnerships at Facebook He has been assigned the role of Unit Director of Coinbase UK. While Michael Schroeder was named director of controls for Coinbase Germany, Patrick Elias and Daniel Seifert have been selected as Director and Regional Managing Director to oversee expansion into the Europe, Middle East and Africa (EMEA) regions.
“Under their guidance, we plan to launch new products, grow our customer base, build our business, expand into new markets in the region, and continue to collaborate closely with our external constituents, including policymakers, regulators, financial institutions and partners,” Coinbase said. pointed out In an official blog post, he details plans with these new hires.
Coinbase recently found itself on file legal case In Germany. Earlier in November, Germany’s Federal Financial Supervisory Authority (BaFIN) issued an order requiring Coinbase to provide details about the business practices of its domestic arm. BaFin has filed a case against Coinbase outsourcing parts of its operations in Germany as “necessary” to conduct banking.
Hence, it seems surprising that the 10-year-old company is now accelerating efforts to increase its credibility in the international markets. By appointing these experienced professionals as senior executives in the MENA region, Coinbase reiterated its support for working with law enforcement agencies that aim to make encryption sector Safer for investors, under regulatory oversight.
Responsible companies want reasonable regulation, which protects customers and promotes innovation. Noting that the EMEA region is leading the way in creating a safe and secure regulatory environment for cryptocurrencies, the Coinbase blog noted, “We feel very strongly that EMEA.
The crypto sector is getting tons of interest in the EMEA regions.
Recently, the European Union (EU) agreed to MiCA Codeis expected to come into effect by 2024. The MiCA bill aims to prevent insider dealing, illegal disclosure of inside information, and market manipulation related to crypto assets.
in the UK , Financial Services and Markets Bill which proposes legal disclosures about the operations of crypto companies in the UK, is currently awaiting parliamentary approval.
In the regions located in the African countries and the UAE, the cryptocurrency sector has witnessed a significant growth. While the United Arab Emirates was established Virtual Asset Regulatory Authority (VARA)an independent regulator of virtual assets, such as the authorities of African countries Kenya and Nigeria They work with industry players such as binance To form a profitable ecosystem for the digital asset industry to pursue.
“We feel very strongly that EMEA is leading the way in creating a safe and secure regulatory environment for cryptocurrencies. In fact, we view it as a gold standard and an example of what can be achieved when the political will is there,” Coinbase added.
Affected by market volatility, Coinbase has seen several downsides in terms of keeping its business in good shape this year. Transaction revenue for Coinbase Consecutive by 44 percent in the third quarter of 2022.
The exchange, between July and September, managed to generate only $365.9 million (roughly Rs. 3,022 crores). It was almost twice the figure – at $655.2 million (roughly Rs. 5,411 crores) in the second quarter of 2022 between April and June.
In light of the dwindling numbers, the company was forced to lay off many of its employees.
Earlier this month, Coinbase More than sixty employees were fired as a cost-cutting measure. Previously in June, the company had downgraded 18 percent of its workforce, leaving more than 1,000 employees unemployed.
In an effort to bring business back to its platform, Coinbase has focused on international expansion.
Brian ArmstrongCoinbase’s CEO had arrived in India earlier this year, to View jobs for Indian developers. The company also unveiled a new feature to allow Indians to buy cryptocurrencies via UPI on its platform, but it had to Retract offer After the Indian authorities said they had not approved any such advantage from the foreign company.
Armstrong, at the time, was He blamed the Reserve Bank of India To put informal pressure on crypto companies, thus hindering the growth of crypto in India.