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Coinbase will close its San Francisco office next year.
Crypto exchange Coinbase Global Inc (NASDAQ: COIN) has announced that it is going to close its San Francisco office, which was its former headquarters as its plan to become ‘remote-first’ looks set to happen. The US crypto exchange announced its plans to become ‘remote-first’ last year and revealed in February that the company would no longer have a headquarters as it is going to execute its plan of decentralizing the company’s workforce.
In the announcement via Twitter, Coinbase stated that its commitment to being ‘remote-first’ would ensure that no one location is deemed more important than any other. The announcement also noted that this initiative will shift career outcomes on capability and output rather than location and will offer employees the option of a network of smaller offices to work from. Coinbase will close its San Francisco office next year. “We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is important than another,” the company stated.
Coinbase went public through a direct listing on Nasdaq under the ticker COIN. The company’s stock price opened at $381 on April 14 and recorded a high of $429 that same day. Before Coinbase’s much-anticipated market debut, the US crypto brokerage firm previewed its first-quarter review, bagging over a billion dollars in revenue as interest in cryptocurrencies rose to alarming rates. The company’s reported first-quarter revenue saw a rise of over 900%, as it gained an estimated $800 million in earnings, almost 25 times what it gained last year.
Coinbase saw a trading volume of $335 billion in the quarter as against the $30 billion worth of trades it recorded in the first quarter of 2020. Its verified users eligible to trade also rose from 56 million in the quarter from the 34 million last year. Olaf Carlson-Wee, the Chief Executive Officer of crypto hedge fund Polychain Capital when asked about his expectation on Coinbase’s expected market cap stated that “I think it’s headed north of $100 billion.”
The US based crypto exchange looked to have the year in its hands as experts believed the subsequent months would be nothing but excellent as well. Coinbase has however failed to build upon its impressive start to the year. A report published by market research firm New Constructs last month stated that Coinbase had ‘little to no chance’ of meeting future profit expectations. This was based on the stiff current competition in the market as Coinbase’s transaction margins were expected to drop. The company’s shares COIN recorded a record low of $269 on Wednesday’s trading session.