In Wake of Layoffs and Pulled Job Offers, Coinbase Announces European Expansion Plan

Coinbase wants to expand in Europe, with CEO Brian Armstrong meeting policymakers in London and Dublin this week despite a market downturn and recent layoffs.

The biggest U.S. cryptocurrency exchange, according to a company blog post, seeks to be “driving a concerted effort to strengthen our presence in Europe.”

Just last month, Coinbase announced it would cut its workforce by 18%—1,100 employees—in preparation an “extended” crypto winter.

The company also was criticized after it rescinded numerous job offers it promised would not be rescinded. (Coinbase later set up a database to help those would-be employees find other employment.)

“During market downturns, the temptation can be to shy away from international expansion,” said the Friday blog post. “We first entered the UK and EU during the bear market in 2015, a move that paid off significantly during the bull run a few years from then. We’ll keep building around the world, and doing everything we can to grow the cryptoeconomy.”

San Francisco-based Coinbase already has offices in the U.K., Ireland, and Germany, but is in the process of expanding to France, Italy, Spain, and the Netherlands.

The U.K. government in April announced plans to become a “global crypto asset technology hub”—with stablecoins being used “as a recognised form of payment.”

“While markets will always be volatile,” the blog post concluded, “we believe the future is bright—and we’re excited to keep building that future with our customers and partners across the region.”