Coinbase said on Twitter on Wednesday: "Coinbase is committed to a priority policy for remote working. We announced that we no longer have a headquarters. Next, we will close the San Francisco office (our former headquarters) in 2022."
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.
— Coinbase News (@CoinbaseNews) May 5, 2021
This decision by Coinbase is not very surprising. A year ago, Coinbase CEO Brian Armstrong has announced that the exchange will implement a "remote office priority" policy and no longer set up a specific headquarters.
Decentralization is the core of cryptocurrency and related companies. Many companies have employees scattered all over the world, hoping to avoid supervision. Binance, the world's largest cryptocurrency exchange, also has no headquarters.
"The closure of our San Francisco office is an important step in ensuring that no office becomes an informal headquarters. It will mean that (employees) career development results are based on ability and dedication, not position," Coinbase said on Twitter. A network of smaller offices for our employees to work if they want."
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
Coinbase went public in April this year, with an opening price of US$381. On Wednesday, Coinbase's stock price fell to US$269, the lowest level in history, well below the highest point of US$429.54 set on April 14. Coinbase will release its quarterly earnings report on May 13.
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