Coinbase crypto exchange to close San Francisco headquarters in 2022

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Nasdaq-listed cryptocurrency trade Coinbase goes fully distant and shutting its head workplaces in San Francisco.

Coinbase announced Wednesday that it’ll shut down its former headquarters within the Golden Gate Metropolis in 2022 as a part of its dedication to “being distant first.”

“We’ve dedicated to having no HQ, and it’s vital to indicate our decentralized workforce that nobody location is [more] vital than the one other,” Coinbase famous. In response to the corporate, the upcoming closure can be an vital step in guaranteeing that no workplace turns into an unofficial headquarters. “As an alternative, we are going to supply a community of smaller workplaces for our staff to work from in the event that they select to,” the agency said.

Coinbase CEO and co-founder Brian Armstrong formally announced the agency’s intention to turn into remote-first and decentralized in February 2021. On the time, 52% of Coinbase staff had been those that joined the corporate in a post-office world, the agency stated. Coinbase harassed that about 95% of its staff will nonetheless have the choice to work from home.

“We now have staff, many who initially labored in San Francisco, everywhere in the nation and world. Since January 2020, practically 250 staff have relocated worldwide, and greater than 150 have left San Francisco, representing about 21% of our international and 29% of our San Francisco workforce throughout that point,” Coinbase wrote.

Coinbase’s transfer into being remote-first echoes an analogous no-headquarters stance by competitor Binance, the world’s largest cryptocurrency trade. Binance CEO Changpeng Zhao stated again in 2019 that workplace and headquarters are “previous ideas like SMS and MMS.”