Coinbase to close HQ offices and go remote by 2022

Remote work has been around for a few years, but it was made popular over the past year due to the Coronavirus pandemic. Despite the availability of vaccines and countries slowly returning to business activities, some companies prefer to continue remote operations, and Coinbase is one of them.

Coinbase to close San Francisco headquarter in 2022

US-based cryptocurrency exchange Coinbase announced that it would close its San Francisco headquarter by next year. The company wants to go remote in a bid to support the decentralized workforce.

Coinbase announced this move via a series of tweets yesterday. The company said“Coinbase is committed to being remote first. We announced we no longer have an HQ, and as a next step, we’re closing our SF office (our former HQ) in 2022.”

Although the move might come as a surprise, the idea is not. Several companies and some countries around the world are shifting to the telecommuting model. Remote working costs less, and employees get to enjoy a better work-life balance.

“We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is important than the other. 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.” the cryptocurrency exchange added.

The move comes barely a month after Coinbase listed on the NASDAQ stock exchange. It is now one of the leading cryptocurrency companies in the world, with a market cap of roughly $60 billion.

Coinbase releases H2 2020 transparency report

The cryptocurrency exchange released the second half 2020 transparency report earlier today. The report detailed government requests for customer data between July 1, 2020, and December 31, 2020. The exchange received a total of 2,313 information requests in the second half of last year. 90% of the requests were from the US, the UK, and Germany.

“The FBI (Federal Bureau of Investigation) and HSI (Homeland Security Investigations) comprise the majority of U.S. law enforcement information requests at ~50.9%,” Coinbase reported. Coinbase pointed out a 20% increase in requests from France while requests from the US dipped by 7%.

Coinbase’s price on the stock exchange currently stands at $269 per share, down from its all-time high of $429, which it achieved on its opening day.

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