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Coinbase to Close Its Former HQ Office in San Francisco to 'Decentralize' Workforce
Coinbase said it is moving ahead with its plans to allow employees to work remotely.
Updated Sep 14, 2021, 12:51 p.m. Published May 6, 2021, 1:20 a.m.
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About a year after Coinbase announced plans to become "remote first," the U.S. cryptocurrency exchange said it's going to shut its former headquarters office in San Francisco.
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In February, the company announced it would no longer have a headquarters as part of a move to "decentralize" Coinbase's workforce in order to ensure no one location is more important than any other. Now, according to an announcement made via Twitter on Wednesday, Coinbase is closing the office where that HQ used to be.
Closing our SF office is an important step in ensuring no office becomes an unofficial HQ and will mean career outcomes are based on capability and output rather than location. Instead, we will offer a network of smaller offices for our employees to work from if they choose to.
— Coinbase News (@CoinbaseNews) May 5, 2021
CEO Brian Armstrong announced in May of last year his company would stick with its "remote-first" policy even after the COVID-19 pandemic has subsided.
See also: Coinbase Expands Support for Tether Stablecoin
Coinbase went public last month on the Nasdaq exchange under the ticker $COIN. Its share price opened at $381 on April 14 and rose to a high of around $429 on the same day. $COIN clocked a record low of $269 on Wednesday.
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- Robinhood’s results mirror broader crypto-market weakness, which is also expected to weigh on rival Coinbase (COIN), and HOOD shares fell about 7% in post-market trading after the earnings release.
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