Business News Report
October 25, 2023

Coinbase Bolsters Its Presence in Spain with Key Moves

In Brief

Coinbase amplifies its presence in Spain with an AML registration, strategic hires, and active participation in the European Blockchain Convention.

Coinbase Bolsters Its Presence in Spain with Key Moves

Coinbase, the prominent cryptocurrency exchange, is stepping up its game in Spain. Fresh from securing an Anti-Money Laundering (AML) registration with the Bank of Spain, the exchange is gearing up for more localized engagement, signaling a robust commitment to the Spanish market.

Coinbase’s recent AML registration is a testament to the escalating global traction of cryptocurrencies. A pivotal part of its international growth plan titled ‘Go Deep, Go Broad’, the registration paves the way for Coinbase users in Spain to access a slew of crypto services.

This encompasses asset custody, legal tender trading, and asset-to-asset trading, all aligned with Spain’s regulatory framework.

Understanding Spain’s Crypto Landscape

Spain is proving to be a goldmine for crypto enthusiasts. A survey by Bitnovo has thrown light on some eye-opening facts. Cryptocurrencies, surpassing bank transfers, now rank as the second preferred payment method in Spain. The data shows that a staggering 60% of Spanish individuals view cryptocurrencies as a long-term investment.

Additionally, over a third use them for day-to-day transactions. More insights reveal 53% using them for savings, 42% earmarking them for investments or trading, and a noteworthy 10% using them for remittances.

Coinbase’s attention to Spain is thus not coincidental but a well-strategized move, given the country’s evident appetite for crypto.

Coinbase’s European Ambitions

But Spain is just one piece in the European jigsaw puzzle for Coinbase. The company has been proactive in enhancing its footprint across Europe. Just a week ago, Ireland emerged as Coinbase’s MiCA entity location. Plus, the appointment of Elke Karskens as the Country Director for the Benelux and Nordics regions underpins Coinbase’s overarching European strategy.

Coinbase is not one to shy away from celebrating milestones. Recognizing its recent accomplishments and the onboarding of its inaugural team member in Spain, the company is hosting a launch soiree at the ongoing European Blockchain Convention in Barcelona.

Coinbase representatives attending the convention are buzzing with excitement. They’re keen to immerse themselves in Spain’s thriving crypto ecosystem, eager to further the company’s mission in this significant market.

In sum, Coinbase’s intensified focus on Spain, matched with its broader European ambitions, underscores its commitment to fortify its global standing in the cryptocurrency domain.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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