Coinbase Expands into European, Middle Eastern and African Markets

JAKARTA – A leading US-based crypto trading company, Coinbase, plans to expand its market reach outside of America. The Nasdaq-listed company will expand into the European, Middle East, and Africa (EMEA) markets.

In addition, Coinbase will also collaborate with various regulators in various countries with directions from the company's new executives. For your information, Coinbase has appointed a new executive to lead its expansion plans amid the bear market that cryptocurrencies have experienced in recent months.

Coinbase stated the (new executive) appointment was part of its “Go Broad and Go Deep strategy" for global expansion, which the company announced in Q3. CryptoPotato reported in July that Coinbase is seeking regulatory approval from several European countries to strengthen its regional presence.

To realize these grand plans, Coinbase has appointed Elke Karskens as country director for the UK and Patrick Elyas as director of EMEA market expansion.

Furthermore, Cormac Dinan, former general manager at rival exchange Crypto.com, will serve as Coinbase's country director for Ireland. Michael Schroeder, former head of compliance and risk officer at Bittrex, will serve as director of controls for Germany.

Coinbase intends to increase its customer base, expand into new markets, and collaborate with policymakers, regulators, and financial institutions under the leadership of executives.

“The breadth of experience, knowledge, and leadership that this designation brings is unparalleled", said Coinbase, adding that it plans to launch new product offerings.

The new hiring is in line with Coinbase's belief that the EMEA region has taken the lead in creating a compliant and safe regulatory environment for cryptocurrencies. The exchange cited the European Union's recent MiCA agreement, the Financial Services and Markets Bill undergoing the parliamentary procedure in the UK, and the Dubai Virtual Asset Regulatory Authority (VARA) as proof of its claims.

Apart from Coinbase, the Bitget crypto exchange is also expanding into the African market. The Singapore-based crypto exchange partnered with Argentine soccer star, Lionel Messi, a few weeks ago.