Coinbase announces plans to expand in Europe

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Cryptocurrency exchange Coinbase said it will continue to make every effort to strengthen its presence in Europe despite the downturn in the cryptocurrency market and recent layoffs at the company.

Coinbase said regulatory standardsfor the industry that the EU sets will give new impetus to other countries and jurisdictions and encourage them to regulate and implement rules for the industry. Coinbase currently has offices in Germany, the UK and Ireland, but the company is preparing to open new ones in the Netherlands, France, Spain and Italy.

“During market downturns, there may betemptation to shy away from international expansion. We first launched in the UK and EU during the bear market in 2015, a move that paid off when the recovery began a few years later. We will continue to expand around the world and do everything possible to develop the crypto-economy,” the announcement reads.

Coinbase CEO Brian ArmstrongArmstrong intends to meet with politicians in London and Dublin. The exchange also plans to invest in the development of the crypto ecosystem through its venture capital company Coinbase Ventures. The firm has already invested in several fintech companies in the UK, including lending protocol Euler and cross-chain protocol Qredo.

Previously, the exchange denied rumors that it was selling its users’ data to an agency under the US Department of Homeland Security.