We are thrilled to announce that Germany is set to become a pivotal Regional Talent Hub, marking a significant milestone in our international expansion strategy.
In 2021, Coinbase made history by becoming the first cryptocurrency company to secure a crypto license from BaFin, a license specifically tailored for crypto custody and trading. This groundbreaking achievement was established under a novel licensing framework introduced by BaFin in January 2020, making it the first of its kind within the European Union. Germany's swift recognition of the economic potential inherent in Web3 was indeed commendable.
Subsequently, our German operation has flourished, achieving remarkable growth in the past year, with our workforce more than doubling in size. As a regional talent hub, our German branch will play a vital role in identifying and nurturing local crypto talent. As we continue to expand throughout the region, having the right talent available is paramount to adapting our product offerings to local markets.
"Since entering this market, we've been greatly impressed by the regulatory clarity, Germany's unwavering commitment to technological innovation, and the vibrant Web3 ecosystem. Notably, the deep pool of talented developers, as demonstrated at our recent BASE meet-up during Berlin Blockchain Week, presents an exciting opportunity as we seek to extend our products and services across the region," remarked Daniel Seifert, Vice President and Regional Managing Director, EMEA at Coinbase.
Designating Germany as a talent hub is a strategic move that reinforces Coinbase's existing operating model, positioning us favorably for success in this vital international market. With over 6% of Germany's impressive population of 83 million (the largest among EU member states) invested in cryptocurrencies, the potential is enormous. In the current year, Germany's blockchain sector has attracted a substantial $355 million in venture capital funding, constituting 2.4% of global blockchain funding and 2.5% of global blockchain deals, a significant increase compared to 2022's figures of 0.9% in global funding and 1.9% in global deals. In total, Germany contributes to 10.3% of all European blockchain deals.
"As Web3 firms increasingly migrate from the US, the European region is witnessing a surge in talented developers, solidifying its position as a leader in Web3. Germany, being our second largest international market, boasts an exciting pool of available talent, making it the natural choice for our regional talent hub," emphasized Nana Murugesan, Vice President of International and Business Development at Coinbase.
In the upcoming Phase II developments over the next two weeks, we will unveil a series of operational and personnel announcements spanning key European markets, including Ireland, Benelux and Nordics, Spain, and Italy. This marks an exciting phase in our expansion strategy across Europe.