Coinbase is not letting the global crypto economy’s downturn affect how it does business, as it recently hired four new executives to assist with the company’s expansion in Europe.
Coinbase, an American publicly traded firm that operates a crypto exchange, revealed per a Bloomberg report that it wants to strengthen its European arm by hiring new hands and promoting employees.
As per the new hires and promotions, Cormac Dinan, a former general manager at Crypto.com, has joined Coinbase as the company’s Country Director for Ireland while Former Bittrex Chief Compliance and Risk Officer, Michael Schroeder is joining Coinbase as Director of Controls for Germany.
Elke Karskens was named the new country director for the United Kingdom, and Patrick Elyas was named director of market expansion for Europe, the Middle East, and Africa.
The recent appointments and promotion follow after the FTX exchange suddenly filed for bankruptcy and Coinbase made an announcement that it was laying off over 60 staff from the recruitment and on-boarding team due to the market crash. CEO Brian Armstrong said at the time that the exchange had gone on a recruiting binge in early 2021 and needed to make modifications in light of current reality.
Coinbase Remains Optimistic
The uncertainty in the crypto economy has brought about a lot of changes in the crypto market, yet Coinbase claims to be optimistic as it continues to serve its customers.
Coinbase CEO Brian Armstrong stated that the FTX debacle has had no effect on his exchange. He said that the FTX “incident” was caused by risky business practices that Coinbase did not employ. Armstrong offered his condolences to everyone involved with FTX, particularly consumers who may have lost funds.
1/ First off, I have a lot of sympathy for everyone involved in the current situation with FTX – it's stressful any time there is potential for customer loss.
— Brian Armstrong (@brian_armstrong) November 8, 2022
Despite the current market lows, a recent survey from Coinbase revealed that institutional investors are still acquiring digital assets, and their cryptocurrency allocation has been increasing linearly throughout the protracted crypto winter.
Besides Coinbase, Matter Labs is also another firm that is very optimistic despite the ongoing challenges in the crypto market. The firm made an announcement last week that it has gotten $200 million in seed capital through its series C funding.
Matter Labs hopes to use the funds raised to launch projects on zKSync, finance ecosystem efforts made by other teams, build Matter University, and increase the size of Matter’s personnel in order to make zkSync the top option for developers.
