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The company intends to expand its operations into Netherlands, Spain, Italy and France.
The crypto winter has impacted the company; last month Coinbase announced its plans to lay off 18% of its staff.
The company also reported net losses exceeding $400M in Q1 2022, leading Goldman Sachs to downgrade Coinbase stock to "sell".
Shares of the company also dropped by 11% to $55.96 last week, marking a 78% decline this year.
Goldman Sachs expects to see a sharp decline in revenue in Q2, 2022: "We believe current crypto asset levels and trading volumes imply further degradation in COIN's revenue base, which we will see falling 66% YoY in 2022 and 73% in the back half of the year," says William Nancy, Goldman Sachs Analyst.
Building Across Europe
Coinbase released a statement on its blog saying: "International expansion is fundamentally mission-aligned and continues to be a company priority".
Citing the U.K's commitment to the crypto ecosystem, the company is actively engaging with policymakers on how to continue its momentum in this market.
The government of the U.K had announced plans to integrate cryptocurrency into the wider financial system and implement regulations.
The EU reached a landmark agreement on the Markets in Crypto Assets Regulation, "MiCA", a comprehensive regulatory framework that is likely to become a global standard.
The company entered the EU and U.K in 2015 during a market downturn and has a presence in Ireland, and Germany as it looks to enter France, Italy, Spain, and Netherlands.
Coinbase has invested in several U.K based crypto companies including Euler, Qredo, and continues to evaluate investment opportunities in the region.
