Tuesday, June 22, 2021

Crypto exchange Coinbase announces to close San Francisco headquarters in 2022.

The Takeaway:

Nasdaq-listed cryptocurrency exchange Coinbase is going completely remote and closing is its head offices in San Francisco next year.

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Crypto exchange giant Coinbase announced Wednesday that it would shut down its former headquarters in the Golden Gate City in 2022 as part of its commitment to “being remote first.” “We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is [more] important than the another,” the crypto exchange noted. According to the crypto exchange, the upcoming closure will be an important step in ensuring that no office becomes an unofficial headquarters.

 

Coinbase will offer a network of smaller offices for its employees. 

The official announcement noted that the crypto firm would offer a network of smaller offices for its employees to work from if they choose to,” the firm stated. Coinbase CEO and co-founder Brian Armstrong officially announced the firm’s intention to become remote-first and decentralized in February 2021. Currently, 52% of Coinbase employees were those who joined the company in a post-office world, the firm said. Coinbase stressed that about 95% of its employees will still have the option to work at home.

 

Crypto firms move to a “no headquarters” policy. 

“We now have employees, many who originally worked in San Francisco, all over the country and world. Since January 2020, nearly 250 employees have relocated worldwide, and more than 150 have left San Francisco, representing about 21% of our global and 29% of our San Francisco workforce during that time,” Coinbase wrote.

Coinbase’s move into being remote-first is quite similar to the no-headquarters approach by competitor Binance, the world’s largest cryptocurrency exchange. Binance CEO Changpeng Zhao said back in 2019 that office and headquarters are “old concepts like SMS and MMS.”

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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