Coinbase Announces San Francisco HQ Shutdown by 2022

in LeoFinance3 years ago

Coinbase, the foremost prolific U.S.-based cryptocurrency exchange, has announced it'll close the doors of its former San Francisco HQ by 2022, in its push to travel 100% remote. Earlier the corporate had announced its intention of ditching the normal office-based model to decentralize its operations and instead impulse work from home politics as a part of its response to Covid-19.

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Coinbase to Shutdown Former San Francisco HQ Office by 2022

Coinbase has announced today it might pack up its former San Francisco HQ office via its official Coinbase News Twitter account. the corporate is transitioning from a standard work model to a remote-first company since the Covid-19 epidemic last year. This move is yet one more action that the exchange is taking to point out its compromise with decentralization, stating that no location is more important than the others. Coinbase stated:

Closing our SF office is a crucial step in ensuring no office becomes an unofficial HQ and can mean career outcomes are supported capability and output instead of location.

However, the corporate won't leave its workers stranded, offering to open a smaller subset of offices which will be leveraged by their workers round the world to be used as bases if they prefer to do so.

This seems to mimic what Binance, the most important cryptocurrency exchange, has also been doing since time ago, with its CEO Changpeng Zhao declaring that they had no headquarter because bitcoin didn’t.

Coinbase Remote First Work Policy Explained

While this decision are often seen as revolutionary by some for a corporation that just had an immediate listing on NASDAQ with a valuation of $100 billion at its launch, it's just a continuation of a policy it had defined last year as a consequence of the Covid-19 epidemic.

Brian Armstrong, CEO of the exchange, declared this new approach had interesting advantages, including the likelihood of hiring employees in cities and countries where they didn’t have a true foothold, getting interesting talent from everywhere the planet rather than just in San Francisco .

Armstrong and Coinbase’s administration are leading by example, as none of them actually reside within the city or commute there to the previous San Francisco HQ offices. consistent with him:

This is one among the foremost powerful things we will do to stay Coinbase from inadvertently returning to an in-office culture.

In the future, we'd see other exchanges and cryptocurrency-related companies go decentralized and remote-first after the Covid-19, even when this presents a replacement debate about how disputes are going to be solved with a headquarters-less company.

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