Nasdaq-listed cryptocurrency exchange, Coinbase Global Inc has revealed its plans to close its San Francisco headquarters in 2022. Taking to its official Twitter handle, the company said its decision is based on the idea to push forth the no-headquarter option in its operations, a move that will further stress its decentralization aspirations.
As prevalent for most publicly listed companies, having an official operating base is not uncommon. While the official operating base adds to the overall identity of the firm, it also, on most occasions, adds to the valuation of the firm, per those who own the buildings. Coinbase however, operates in the cryptocurrency ecosystem where things play out differently, and one more way the firm believes it can show its commitment to the decentralization tenets upon which the global crypto industry is built is not to maintain any location as its central office.
“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. We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is important than the another,” the firm revealed on Twitter, adding, 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.”
Is Having no Headquarters Profitable?
Coinbase is liable to reveal its financials as a public company, and moving forward, the move to close its headquarters may have an overbearing impact on its finances. The cost of real estate is bound to reduce, while employee comfort is also billed to improve. Binance exchange operates from no headquarters, although this move has earned the trading platform scorn from the media that this move is to avoid regulatory oversight from authorities.
The drive to represent decentralization by Coinbase and other exchanges may solidify the no-headquarter plans and may reduce operating expenses from those locations remarkably.
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