Despite a market slump and recent layoffs, Coinbase CEO Brian Armstrong is hoping to grow in Europe, meeting with authorities in London and Dublin this week.

Coinbase Global, Inc., also known as Coinbase, is a publicly listed corporation based in San Francisco that offers a cryptocurrency trading platform. Coinbase is a dispersed corporation; all staff works remotely, and there are no physical headquarters.

Coinbase stated this month that it would reduce its headcount by 18 percent, or 1,100 people, in anticipation of “extended” crypto winter.

The corporation was also chastised for rescinding countless employment offers that it had guaranteed would not be withdrawn. Coinbase eventually created a database to assist those potential workers in finding alternative jobs.

Coinbase aims to “drive a concentrated effort to enhance their footprint in Europe.”

Coinbase already has operations in the United Kingdom, Ireland, and Germany and is currently expanding to France, Italy, Spain, and the Netherlands.

In April, the United Kingdom declared ambitions to become a “global cryptocurrency technology hub,” with stablecoins serving as a recognized method of payment.

During market downturns, it might be tempting to avoid overseas expansion. We initially entered the UK and EU during the downturn market in 2015, a decision that paid off handsomely during the subsequent bull run. “We’ll continue to develop throughout the world and do everything we can to grow the crypto economy,” Coinbase stated in a blog post.

While markets will always be turbulent, we believe the future is bright—and we’re enthusiastic about continuing developing that future with our clients and partners across the region,” the blog post said.