Crypto exchange Coinbase has raided German digital assets firm Solaris to appoint its chief operating officer Daniel Seifert as regional managing director for Europe.

The new appointee will be expected to lead Coinbase's expansion in the European crypto market. 

In a statement reported by Bloomberg, Coinbase said it would fill a number of core positions within its European team.

The crypto exchange has already secured licences to operate in Italy and the Netherlands. 

The European plans come in the midst of difficult conditions for crypto service providers. Cryptocurrency values have fallen during 2022 while regulatory requirements have risen. 

This has led some crypto exchanges and platforms to either introduce job cuts or hiring freezes. in June, Coinbase announced that its hiring freeze would remain in place for "the foreseeable future".

Meanwhile, Coinbase has struck an agreement with Google that will see Google Cloud's Compute platform used to process blockchain data at scale.