Coinbase Betting Big on Europe in Do-or-Die Play for Market Share

• Coinbase is leveraging its status as the lone public crypto exchange in a do-or-die play to increase market share across Europe.
• Coinbase announced a second round of job cuts, and Cathie Wood added 33,756 shares of COIN to ARK’s Innovation ETF (ARKK).
• Coinbase wants potential customers in Europe to give it a warm reception as crypto winter chills trading activity in its home market.

Coinbase, the publicly traded U.S. crypto exchange, is pushing to increase its market share across Europe in a do-or-die play to boost its fortunes. Tuesday morning saw the company announce a second round of job cuts, and Cathie Wood adding 33,756 shares of COIN to ARK’s Innovation ETF (ARKK).

The layoffs, which amounted to a 20% reduction of its workforce, sent shockwaves through the industry as Coinbase announced it was also shuttering most of its Japanese operations. The move comes as crypto winter has caused trading activity to cool down in Coinbase’s home market, and the company’s executives are hoping to gain new customers in Europe to help turn things around.

Coinbase CEO Brian Armstrong has been vocal about the company’s intentions to expand in Europe and has already opened new offices in London and Dublin. The company has also acquired a number of European startups in an effort to better serve the European market.

Coinbase is hoping that Europeans will give the company a warm reception and embrace its services. The company has invested in an array of new features and products that it believes will entice Europeans to sign up, including a new portfolio tool, a mobile app, and a rewards program.

Coinbase has also been looking to tap into Europe’s nascent institutional market. The company has launched a range of services aimed at institutional investors, including its Custody product, which allows institutional investors to securely store their crypto holdings.

Coinbase’s expansion into Europe is part of its larger strategy to become the go-to crypto exchange for all users, from individual traders to large institutional investors. With its new products and services, Coinbase is hoping to become the one-stop shop for all of its customers’ crypto needs.

Ultimately, Coinbase’s success in Europe will depend on its ability to gain new customers and convince them to use its services. If Coinbase is able to win over Europe’s customers, it could be the key to reversing its fortunes and securing its long-term success.