Coinbase to close San Francisco headquarters to go ‘remote first’
The San Francisco-based cryptocurrency exchange Coinbase announced on Tuesday that they will be shutting down their San Francisco headquarters and moving their headquarters and the bulk of their staff into a remote office. According to the company, the decision was made based on the fact that most of their employees wanted to live in San Francisco, which causes a lot of inefficiencies when you have to commute every day.
The cryptocurrency exchange Coinbase announced this week that it plans to close its San Francisco headquarters and lay off several employees, TechCrunch reported on Wednesday. The move is part of the company’s plan to go “remote first.” The company will keep a small presence in the Bay Area, according to TechCrunch, but will be downsizing its workforce from 475 employees to less than 300. A Coinbase representative told TechCrunch that the company is “streamlining operations to ensure we’re ready for the future.”
Coinbase will close its headquarters in San Francisco and move its operations overseas.
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The US-based cryptocurrency exchange made its debut on US public exchanges earlier this year and remains committed to a decentralized ethos.
Shaurya Malwa – 6. May 20, 2021 at 11:00 UTC – 1 minute reading Insights via Coinbase
US cryptocurrency exchange Coinbase is closing its San Francisco headquarters to become a decentralized company, it announced Wednesday in a statement.
Coinbase is one of the largest cryptocurrency exchanges in the world, processing billions of dollars in trading volume daily. Last month, the company took the important step of going public, but it has by no means adopted the traditional way of doing business.
Coinbase wants to be a distant first. We have announced that we will no longer have a headquarters and as a second step, we will close our SF office (our former headquarters) in 2022, the company said, adding that it was determined not to have a headquarters to show its decentralized employees that no one location is more important than another.
Coinbase wants to be remote. We have announced that we will no longer have a headquarters and the next step will be the closure of our SF office (our former headquarters) in 2022.
– Coinbase News (@CoinbaseNews) May 5, 2021
This move does not mean the end of all Coinbase offices, as the smaller/other offices will continue to operate as usual.
The closure of our SF office is an important step in ensuring that no office becomes an unofficial headquarters, and it means that career development is based on skills and results, not location, Coinbase explained, adding:
Instead, we will offer our employees a network of small offices from which they can work if they wish.
Putting privacy above all else is another step in achieving Coinbase’s mission. However, the latter option has proved controversial: In 2020, a message from CEO Brian Armstrong said the company would not tolerate political, social or charitable discussions in the workplace, prompting up to 60 employees to leave the room.
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