Coinbase is taking precautions to ensure that no office serves as an illegal HQ.
Coinbase, a Nasdaq-listed cryptocurrency exchange, is shutting its San Francisco headquarters and becoming fully remote.
As part of its commitment to “being remote-first,” Coinbase revealed that it would close its former headquarters in San Francisco in 2022.
We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is [more] important than the another,”Coinbase shared
According to the organization, the imminent closing would be a critical step in ensuring that no office becomes an unofficial headquarters.
“Instead, we will offer a network of smaller offices for our employees to work from if they choose to,”the firm stated
In February 2021, Coinbase CEO and co-founder Brian Armstrong announced the company’s plan to become remote-first and decentralized. According to the company, 52 percent of Coinbase staff came from a post-office background at the time. According to the company, around 95% of Coinbase’s workers will now operate from home.
“We now have employees, many who originally worked in San Francisco, all over the country and world. Since January 2020, nearly 250 employees have relocated worldwide, and more than 150 have left San Francisco, representing about 21% of our global and 29% of our San Francisco workforce during that time,”Coinbase wrote.
Coinbase’s shift to be a remote-first company parallels Binance, the world’s largest cryptocurrency exchange, which has taken a similar no-headquarters approach. Changpeng Zhao, the CEO of Binance, said in 2019 that office and headquarters are “old terms like SMS and MMS.”