Home
News
After receiving clearance to conduct business in the Netherlands, which has the fifth-largest economy in the European Union, cryptocurrency exchange Coinbase will begin providing its services there.
According to reports, they are now the first significant cryptocurrency exchange in the world to successfully register with De Nederlandsche Bank, the Dutch central bank.
The achievement is a part of the business’ continued global expansion.
The approval, according to Nana Murugesan, vice president of international and business development at Coinbase, shows how the company is trying to regulate its cryptocurrency services in order to support the industry’s growth and foster public confidence in the space. improve.
The company is now able to market cryptocurrency items to Dutch customers and companies thanks to the authorisation.More than 30 businesses, including Coinbase, have received recognition from the central bank as bitcoin service providers.
The leading US cryptocurrency exchange, Coinbase, which has its headquarters in California, claims to already have customers in roughly 40 European nations. They claim that there are pending registration or license applications in a number of significant markets.
Does the adage “slow and steady wins the race” apply here?
Even though Coinbase is the largest cryptocurrency exchange in the United States, it is up against stiff competition from more recent entrants like Binance, FTX, and Crypto.com. Shares of Coinbase fell as a result of recent news that Binance’s U.S. branch would no longer charge users to trade bitcoin.
Coinbase is attempting to keep up with its competitors, who are dominating markets outside of the United States.
For instance, in the Middle East, Dubai granted licenses to both Binance and FTX. Additionally, Binance obtained license in France and Italy, and it is currently looking for clearance in other European nations.
The Federal Reserve raising interest rates and the demise of the UST stablecoin are two reasons that are impacting the market. At investment companies like Three Arrows Capital that piled on the leverage as a result of the decline in token values, there are now solvency difficulties.
This month, Coinbase abruptly changed course on its cost-cutting plan and announced intentions to lay off over 1,100 people worldwide. Murugesan claims that while the cuts affected 18% of Coinbase’s entire global headcount, the local staff in the UK was only affected by 7% of the job losses.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
