Coinbase Strengthens Presence in Spain

Following Coinbase’s (NASDAQ:COIN) AML registration with the Bank of Spain last month, the team has welcomed its first hire in the market.

Attending the European Blockchain Convention in Barcelona this week, the team says they will be “hosting a launch party to celebrate these recent developments.”

As mentioned in last month’s update, Coinbase has reportedly “secured an AML registration with the Bank of Spain, a significant achievement underscoring the growing global momentum for cryptocurrencies.”

Following on from this milestone, their team will “be in attendance at the European Blockchain Convention in Barcelona over the next two days.”

To mark their recent registration and the news of their first hire in the Spanish market, Coinbase will “be hosting a launch party at the conference this evening, Wednesday 25 October.”

The firm’s foothold in Spain comes “as part of a series of developments across Europe, as they continue to implement our ‘Go Deep, Go Broad’ international expansion strategy.”

Last week saw the announcement of Ireland “as their MiCA entity location, while earlier this week we announced Elke Karskens as the new Country Director for Benelux and the Nordics.”

These movements highlight their commitment “to strategic expansion across the European region, as laid out in Phase II of our international strategy.”

The firm’s registration with the Bank of Spain will “provide a vital step forward in our mission to make crypto accessible to everyone.”

This development allows users in Spain “to benefit from various crypto services, including custody of assets, trading in legal tender, and asset-to-asset trading – all in compliance with the national legal framework.”

Spain provides an opportunity for Coinbase, as they “have seen a large appetite for cryptocurrencies across its population; notably, cryptocurrencies have overtaken bank transfers to become the second most popular payment method in the country.”

Findings by Bitnovo revealed “that more than 60% of Spanish citizens are inclined to invest in cryptocurrencies for the long term, while more than 35% utilize them for transactions.”

Further findings show that more than 53% of Spaniards “use cryptocurrencies for savings, 42% for investments or trading, and 10% for remittances.”

With such prevalence of crypto adoption evident – “a trend we believe is set to continue – Coinbase is firm on placing fitted emphasis on the region.”

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