Coinbase has announced plans to become a predominantly telecommuting firm by closing its US offices and headquarters in San Francisco in 2022.
May 6, 2021 | AtoZ Markets – Cryptocurrency exchange Coinbase plans to close its last San Francisco office next year. The company announced this on its Twitter page.
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
The decision to close all physical branches stems from the desire to adhere to the principle of decentralization, they assure Coinbase.
“We have made a commitment not to have a headquarters, and it is important to show our decentralized, team that no one location is more important than another,” Coinbase said.
With no central office, the exchange also wants to show that career success will depend on opportunities and outcomes, not location. Instead of a single central office, Coinbase plans to offer employees a network of small offices.
The company announced it was ditching its San Francisco office a couple of weeks after controversial commercial real estate startup WeWork added support for bitcoin payments as part of its partnership with Coinbase. Whether WeWork will provide its coworking spaces to Coinbase as new offices remains to be seen.
However, the decision of the exchange to get rid of all offices was not to everyone's liking. So, users believe that a dispersed team will only reduce the efficiency of customer support at the crypto exchange.
The crypto exchange assured that they have already increased the technical support staff to 2,000 people. However, it is unclear whether this decision helped to cope with the onslaught of customers.
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