Coinbase, the most famous digital currency platform in the United States, has revealed that its old San Francisco headquarters would close by 2022 as part of its drive to become completely offline. As part of its reaction to Covid-19, the organization declared its plan to decentralize its activities by abandoning the conventional office-based system but rather rely on impulse work from home politics.
By 2022, Coinbase will close its previous San Francisco headquarters.
Coinbase revealed today on its official Coinbase News Twitter page that it would close its former San Francisco headquarters. Since the Covid-19 outbreak in the previous year, the organization has been moving from a conventional work model to a remote-first system. This is yet another step taken by the company to demonstrate its decentralization compromise, arguing that no certain location is more significant than the others. According to Coinbase,
“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.”
Nevertheless, the corporation would not abandon its employees, promising to establish a smaller subset of workplaces that can be used as headquarters for their employees worldwide if they wish.
This is similar to what Binance, the world’s largest digital currency platform, had been doing for some time, with CEO Changpeng Zhao announcing that they have no headquarters since bitcoin didn’t.
Coinbase’s Remote First Work Policy
Although some may regard this move as groundbreaking for a firm that recently had a direct listing on NASDAQ with a market capitalization of $100 billion, it is simply a continuation of a strategy established in the previous year in response to the Covid-19 disease outbreak.
Brian Armstrong, the platform’s CEO, said that this new strategy had many benefits, including the ability to hire staff in cities and regions where they did not previously have a presence, as well as the ability to recruit employees from across the globe rather than just San Francisco.
Neither Armstrong or Coinbase’s top work in the city or travel to the company’s former headquarters in San Francisco. He stated:
“This is one of the most powerful things we can do to keep Coinbase from inadvertently returning to an in-office culture.”
Just after Covid-19, we could see more platforms and digital currency-related firms go decentralized and remote-first in the coming time, even though this raises new questions regarding how problems can be resolved with a business without a specific location.