(Bloomberg) -- Coinbase Global Inc., the biggest U.S. cryptocurrency exchange, plans to close its San Francisco headquarters next year and let employees continue to work remotely.
This announcement on Twitter Wednesday wasn't a complete surprise. A year ago, Chief Executive Officer Brian Armstrong announced the exchange would be “remote first” and not have a specific headquarters.
Decentralization lies at the heart of crypto and in related businesses, many of which have employees spread all over the world and want to avoid regulation. Binance, the world's biggest cryptocurrency exchange, also doesn't have a headquarters.
“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,” the company said. “Instead, we will offer a network of smaller offices for our employees to work from if they choose to.”
Coinbase went public in April, opening at $381. The shares fell to an all-time low close of $269 Wednesday, down from the record $429.54 set on April 14. The company is slated to announce its quarterly results on May 13.
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