Home Coinbase Coinbase CEO reveals the true purpose he closed SF workplaces – SFGATE

Coinbase CEO reveals the true purpose he closed SF workplaces – SFGATE

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In a latest interview with the Financial Times, Coinbase founder and CEO Brian Armstrong revealed his causes for leaving San Francisco

In Could 2021, the cryptocurrency change introduced it was closing its San Francisco offices for good. This got here a 12 months after Armstrong introduced the corporate would go “distant first” and abandon a bodily headquarters fully. Round this time, the CEO personally moved to Los Angeles.

Armstrong shared with the Monetary Occasions that a part of the explanation why he moved to Los Angeles was due to the latest “techlash” in San Francisco. He advised the publication that San Francisco has vilified the folks “creating development” within the metropolis.

“The perfect half about San Francisco to me was this spirit of ‘we will construct a greater future with expertise,’ proper?” Armstrong advised the Monetary Occasions.

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Coinbase’s departure from San Francisco got here only a 12 months after an argument during which Armstrong banned the dialogue of politics and social points within the office through the Black Lives Matter motion. After this, 60 staff resigned. 

“I didn’t actually need to have an enormous controversial second like that, it wasn’t one thing that I used to be looking for,” he advised the Monetary Occasions. “The truth is, I want it hadn’t occurred in any respect.”

This previous summer time, Coinbase rescinded already-accept job offers and laid off almost a fifth of its workers — 1,100 staff — following the downturn of the crypto trade. The corporate’s market capitalization has fallen from $76 billion at its market debut in 2021 to simply $10.3 billion at present.

Regardless of the latest FTX crash, Armstrong stays “simply as bullish on crypto as ever,” he advised the Monetary Occasions.

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