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Coinbase Up On Bitcoin Rise and Global Plans

By Sam Boughedda — Coinbase Global Inc (NASDAQ:COIN) shares are gaining Tuesday, up over 5% on the back of Bitcoin gaining ground and the announcement of its global scalability plans.

Bitcoin is up 4%, climbing back above $44,000 after opening up the day at around the $42,500 mark. Coinbase shares, much like many other cryptocurrency-related stocks, are closely tied to the Bitcoin price.

Meanwhile, in a blog post, the company revealed plans about its global expansion, saying it “will adopt a go broad and go deep approach.”

The post, by Nana Murugesan, VP of International and Business Development at Coinbase, said the company, as part of its “go broad” plan, will “launch foundational products that are a gateway to Web3 and crypto in every country.”

Furthermore, the company will launch localized infrastructure and public-facing products with a full suite of services.

As a result, Coinbase is kicking off a hiring spree with plans to hire experienced regional and country leaders globally. On Monday, the company said it will be adding up to 2,000 employees across its product, engineering, and design teams in 2022.

“We are now kicking off an extensive global expansion strategy, with hiring and investment plans to enter these markets which will ultimately allow Coinbase to serve customers more locally,” said Murugesan.

“Going global is complicated and this is compounded by rapidly evolving regulatory international frameworks for crypto. Our approach globally will be consistent with our approach in the United States: we will work with governments and regulators in different markets, and will always aim to be the most trusted and compliant crypto company in any market,” he added.

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