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Coinbase crypto exchange to close San Francisco headquarters in 2022

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

Coinbase introduced Wednesday that it’s going to shut down its former headquarters in the Golden Gate Metropolis in 2022 as a part of its dedication 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,” Coinbase famous. In accordance to the corporate, the upcoming closure shall be an essential step in guaranteeing that no workplace turns into an unofficial headquarters. “Instead, we will offer a network of smaller offices for our employees to work from if they choose to,” the agency acknowledged.

Coinbase CEO and co-founder Brian Armstrong formally introduced the agency’s intention to turn out to be 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 careworn that about 95% of its staff will nonetheless have the choice to work from home.

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

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