Coinbase has started to expand its operations in European countries, despite recently laying off more than 1,000 employees.

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In an interview on June 29, Nana Murugesan, Coinbase’s vice president of business development and international, said the firm is focused on building up its presence in Europe and is in the process of registering in Italy, Spain, France, and the Netherlands.

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The San Francisco-based crypto exchange has already hired its first employees in Switzerland, and currently has an active presence in the United Kingdom, Ireland, and Germany.

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‎‎‎‎‏‏Earlier this month, Coinbase CEO Brian Armstrong announced the company would reduce its global workforce by 18%, citing a possible recession. He also mentioned the company grew “too quickly” during a bull market.

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