Leading American cryptocurrency exchange Coinbase has on-boarded new executives to lead its expansion plans in Europe, the Middle East, and Africa (EMEA) despite the intense bear market pushing several crypto entities into bankruptcy.
According to the exchange, the appointments are part of its ”Go Broad and Go Deep strategy’ for global expansion, which the company announced in Q3. CryptoPotato reported in July that Coinbase sought regulatory approval from several European countries to strengthen its regional presence.
Coinbase Seeks Europe Expansion with New Hires
Coinbase appointed Elke Karskens as country director for the United Kingdom and Patrick Elyas as director of EMEA market expansion.
Furthermore, Cormac Dinan, a former general manager at rival exchange CryptoCom, will function as Coinbase’s country director for Ireland. Michael Schroeder, a former chief 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 executives’ leadership.
“The diverse breadth of experience, know-how, and leadership that these appointments bring is unparalleled,” the exchange said, adding that it plans to roll out new product offerings.
The new hires align with Coinbase’s belief that the EMEA region has been leading the charge in creating a suitable and secure regulatory environment for crypto. The exchange cited the EU’s recent MiCA agreement, the Financial Services and Markets Bill undergoing a parliamentary procedure in the UK, and Dubai’s Virtual Assets Regulatory Authority (VARA) as proof of its claim.
European Countries See Crypto Adoption
The crypto market has been in turmoil for most of the year, but this has not affected the rate of crypto adoption in Europe.
Last month, CryptoPotato reported that Ukraine and Russia were among the top three countries that led crypto adoption in Q3. Their adoption rates increased by 143.17% and 88.28%, respectively.