As per the latest reports, Coinbase has made an announcement many in the crypto-community sector would support and many mainstream investors would not. The exchange has announced that it intends to move its operations virtual and remote.
Therefore, the exchange will go ahead and start taking the necessary measures to ensure it becomes a virtual entity in the coming years.
One of the top and largest cryptocurrency exchanges has announced that it is planning to shut down its headquarters based in San Francisco, United States.
The cryptocurrency exchange, which is now listed on the NASDAQ stock exchange made the announcement about shutting down the headquarters on Wednesday, May 5, 2021.
In the announcement, Coinbase has confirmed its former quarters will be shut down in 2022. The exchange has decided to take this action following its intentions of moving its operations to remote channels.
The spokesperson at Coinbase stated that the cryptocurrency exchange is decentralized and their entire workforce needs to be that way as well. They also want to demonstrate that they do not prefer or prioritize one physical location over other.
Therefore, the executives have decided that the exchange will go virtual and no one will be based at a certain location. For them, what matters the most is to keep the tradition of the cryptocurrency industry being decentralized.
Having no physical and preferred location would be the perfect demonstration of Coinbase proving it is a decentralized exchange. Therefore, removing its location from the Golden Gate City would be the first step Coinbase will take in 2022. It would prove to be the first step for Coinbase in following its mission of becoming fully decentralized.
The spokesperson added that although there will be no headquarters, yet they also want the convenience of the employees. Therefore, to ensure this is taken care of, the employees will be allowed to run their networks and teams from small offices.
It would be completely their choice whether they would want to run their operations and do their tasks remotely or together from small offices.
The first time Coinbase executives shared their intentions of going completely remote was back in February 2021. Brian Armstrong, the co-founder, and CEO at Coinbase made the news official to the entire cryptocurrency community through Twitter.
Although it would prove to be a promising move from Coinbase’s end, it may end up having a negative impact on its stocks from the mainstream institutions.
Coinbase recently went public with its stock on the NASDAQ Stock Exchange. This means that the platform is now on the watch list of mainstream institutions, who are not very fond of decentralization. Therefore, if the exchange goes remote, the mainstream institution may not perceive it the same way as the crypto-community.