Crypto Powerhouse Coinbase Closes Office to Go ‘Remote-First’; Will Have No Physical HQ

Mandatory Credit: Photo by Avishek Das/SOPA Images/Shutterstock (11863354e)In this Photo illustration of a Coinbase logo seen displayed on a Smartphone.
Avishek Das/SOPA Images/Shutterstock / Avishek Das/SOPA Images/Shutterstock

Crypto exchange Coinbase, which started its Nasdaq listing last month in one of the most anticipated initial public offerings of 2021, announced it would close its San Francisco headquarters, in an effort to go “remote first” – just one of many companies paying employees well to work from home.

See: Coinbase, the Largest US Cryptocurrency Exchange, Goes Public – ‘It Will Infect the Financial Universe with a Bad Case of FOMO’
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“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,” the company said in a tweet, adding “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 [sic]. 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.”

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Nasdaq set a reference price of $250 per share for Coinbase on the day it started trading, projecting a value for the largest U.S. cryptocurrency exchange at $49.19 billion “ahead of its landmark stock market debut on Wednesday,” according to a statement.

Coinbase was trading over $265 this morning, up 10 points as of publication. Does that mean the stock is doing well? Find out more in our guide for investors.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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