Despite the crash in bitcoin prices, the Coinbase cryptocurrency exchange has chosen to expand into other markets in Europe. In fact, he declared last Friday that “a determined effort” was being made to increase its footprint in Europe. To deal with the downturn in the cryptocurrency market, the exchange, however, had suspended hiring throughout the month of June and let go of a number of staff members.
Coinbase unveiled a new element of its expansion plan.
The business of Brian Armstrong informs us in a blog post that was posted on Friday that it plans to increase its operations in Europe to fortify its position there. She stated, “We are making a determined effort to enhance our footprint in Europe as part of our recently announced two-pronged expansion strategy.”
In spite of a weakening digital asset market, Coinbase Global Inc. surprises everyone by announcing its expansion plans. Keep in mind that the exchange is now available in Germany, the United Kingdom, and Ireland.
Coinbase plans to add France, the Netherlands, Italy, and Spain to this list of additional nations. Different goods will be made available to developers, organizations, and people in these nations.
However, the exchange had downsized its staff last month.
Coinbase announced on April 13th, 2022, that it would be hiring 6,000 individuals. However, two months later, on June 14, the exchange said that it was preparing to reduce its employment by about 18%, which translates to firing more than 1,000 workers, in order to deal with the collapse in the cryptocurrency market. We discovered a recruiting freeze and some layoffs at Coinbase a few days later. The exchange began by canceling its hires, sparking a surge of protests from the numerous unsuccessful applicants.
Because they were expected to work at Coinbase, some of these people quit their employment or turned down offers. Regarding the layoffs, the exchange abruptly fired a large number of workers and executives. The fired workers’ access to the stage had simply been denied by the leaders. Even Andrew Grass, who had encouraged the hiring of around 200 individuals for the business, was let go in this manner.
And as restitution, Coinbase provided the opportunity for people laid off or affected by the hiring ban to register on its Talent Hub in order to be hired by another business. Additionally, he declared that fired workers will get at least 14 weeks’ worth of severance pay, 4 months’ worth of health insurance, and 4 months’ worth of mental support.
The cryptocurrency exchange Coinbase has disclosed that, in addition to Germany, the United Kingdom, and Ireland, where it already has a presence, it wants to grow into other European regions. Despite the decline in cryptocurrency market values, it plans to establish itself particularly in France, the Netherlands, Italy, and Spain. Given that Coinbase has reduced its workforce during the previous month to address the decline in the cryptocurrency market, this expansion plan is very intriguing.
Source: The Block
