Benzinga - As part of Coinbase Global Inc.'s (NASDAQ: COIN) international market strategy, “Go Broad, Go Deep,” the exchange selected Germany as its base of operations for enhanced product offerings across Europe. This is part of the company’s Phase II of its international strategy, as mentioned in its blog.
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Germany will be the regional talent hub for its infiltration of markets across the European Union in the upcoming two weeks.
There will be a series of operational and people announcements in Ireland, the Netherlands, Spain and Italy.
“Due to the ongoing migration of Web3 firms from the U.S., the European share of talented developers is increasing, establishing the region as a leader in Web3. Germany is our second-largest international market, and the talent available in the country is super exciting. It’s a natural choice for our regional talent hub,” said Nana Murugesan, Coinbase vice president of International and Business Development, on its blog.
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Why Germany? In 2021, Coinbase was the first crypto company to receive a crypto license from the Federal Financial Supervisory Authority (BaFin) the financial regulatory authority for Germany. The exchange has witnessed its fastest growth from the German office and a significant surge in headcount.
Coinbase’s current operating model looks for a strong market positioning in Germany, which accounts for more than 6% of its 83 million population invested in cryptocurrency. Germany accounts for 10.3% of all European blockchain deals. The country’s blockchain sector garnered a total of $355 million in venture capital funding, besides the 2.4% of global blockchain funding and 2.5% of global deals. This compares to 2022 when it stood at 0.9% in global funding and 1.9% in global deals.
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In September 2023, Coinbase announced its German and U.K. customers can use PayPal to buy crypto on the exchange. It plans to launch the service in other EU countries.
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