Coinbase seeks licenses in Europe as it looks to ramp up growth outside the U.S.

Coinbase is racing to keep pace with rivals like Binance and FTX, which have gained significant traction in territories outside the U.S.

Coinbase plans to hire a regional manager to oversee its European operations, Nana Murugesan, the firm's vice president of international, told CNBC.

The exchange already has an active presence in the U.K., Ireland and Germany, but wants to set up operations in Spain, Italy, France, the Netherlands and Switzerland, according to Nana Murugesan, Coinbase's vice president of international. Coinbase recently hired its first employee in Switzerland, he says.

"When we entered U.K. and Europe, this was actually during the last big bear market in 2015-2016," said Murugesan, who joined Coinbase in January 2022.

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