Coinbase's efforts to grow its business in Europe scored a victory as the cryptocurrency exchange announced it has secured registration with the Bank of Spain.
The U.S.-based trading platform said last week in a blog post it "has registered as a cryptocurrency exchange and custodian wallet provider" with Spain's central bank. "This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework," the company also said.
In Spain, 29% of adults see crypto as the future of finance, while cryptocurrencies are the nation's second most popular payment method, according to Coinbase.
In 2022, Coinbase made news by hiring staff to help lead its European division, and it has also secured approvals in both Ireland and Italy. Last week, a report suggested Coinbase demonstrated serious interest in acquiring FTX Europe after the exchange filed for bankruptcy in Nov. 2022.
Coinbase said this month it is "executing" Phase II of its "Go Broad, Go Deep" strategy geared toward international expansion. While the U.S. is still the biggest market for crypto, regulatory uncertainty coupled with Coinbase's battles with the Securities and Exchange Commission have cast a pall over the company's future in the region.
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