Coinbase Will Close San Francisco HQ by 2022
Coinbase has plans to shut down its former Headquarters in San Francisco. The news has emerged from their official Twitter Channel.
These changes are coming as impacts of the Covid-19 crisis. Companies are transitioning away from the traditional to remote working models. In the statement, Coinbase asserts that the premise of decentralization assumes to location is more important than others.
Coinbase will accommodate all workers and best not leave them unguided. Subsequently, all workers will be housed within subsets across the globe at places the company will select.
It seems Coinbase is following after what Binance is carrying on with for some time now. According to it, Binance CEO Changpeng Zhao declared they’ll maintain no Headquarters since Bitcoin has no physical HQ.
The decision by Coinbase comes amidst other milestones like getting listed on NASDAQ with their valuation & since launching operations.
However, going remote moves towards actualizing policy changes from last year in light of the COVID-19 pandemic.
According to Coinbase CEO Brian Armstrong, and the changes with the new approach has exciting promises and includes possibilities to hire workers in any virtual locations with talents.
Armstrong and Coinbase’s management are leading by example. None of them now resides or commutes to the former HQ location in San Francisco.
In the future, there’s the possibility that many other exchanges and cryptocurrency firms will join the bandwagon- going decentralized and remote in a post-COVID-19 crisis.
However, it presents new challenges, like dispute resolutions within a company with no physically resent Headquarters.