Coinbase (NASDAQ:COIN) is reporting that Germany will become a Regional Talent Hub, “marking another key milestone in our international expansion strategy.”
In 2021, Coinbase claimed that it had become the first crypto company “to receive a crypto license from BaFin.”
This license, for crypto custody and trading, “was established under a new licensing regime introduced by BaFin in January 2020, and was the first of its kind in the European Union.”
Coinbase believes that Germany was fast in “recognizing the economic potential Web3 could bring domestically.” Coinbase shares that Germany is their fastest-growing office, predicting it will become integral in its growth ambitions.
Daniel Seifert, Vice President and Regional Managing Director, EMEA at Coinbase, said:
“Since entering the market, we’ve been impressed by the regulatory clarity, as well as Germany’s commitment to tech innovation and the vibrant Web3 ecosystem. Its deep developer talent pool, as illustrated at our recent BASE meet-up during Berlin Blockchain Week, is a particularly exciting prospect, as we look to expand our products and services across the region.”
Establishing Germany as a talent hub “builds on Coinbase’s current operating model and positions us strongly for success in this key international market.”
With over 6% of Germany’s 83 million population (the largest EU member state) invested in cryptocurrency, the opportunity is great. So far this year, its blockchain sector has “attracted a total of $355 million in venture capital funding, in addition to 2.4% of global blockchain funding and 2.5% of global deals.”
This compares with 2022’s figures “of 0.9% in global funding and 1.9% in global deals.” Overall, Germany accounts “for 10.3% of all European blockchain deals.”
Nana Murugesan, Vice President of International and Business Development at Coinbase, said:
“Due to the ongoing migration of Web3 firms from the US, the European share of talented developers is increasing, establishing the region as a leader in Web3. Germany is our second largest international market, and the talent available in the country is super exciting. It’s a natural choice for our regional talent hub.”
In further Phase II moves, over the next two weeks, Coinbase will “be rolling out a series of operational and people announcements across key European ‘go deep’ markets, including Ireland, Benelux and Nordics, Spain and Italy.”