Home
News
- Kraken’s CEO shuts down San Francisco-based headquarters after citing that the city is not safe for the employees.
- Another crypto exchange Coinbase is planning on a similar decision by this year, though it seeks a decentralized workplace.
- Crimes and homelessness are quite prevalent in the Golden city, as the Twitter community actively responds to the Tweets.
Seems like San Francisco, is not so suitable for crypto exchanges, as one of the largest US-based cryptocurrency exchanges recently took down its headquarters based in the city.
This was highlighted by the CEO Jesse Powell via a Tweet where he noted that the exchange would shut down its global headquarters at 548 Market Street, in the center of San Francisco.
Employees Harassed And Robbed Mid-Ways
Richie Greenberg, a San Francisco-based political commentator initially tweeted a copy of the statement and was retweeted by the CEO said that they shut down Kraken’s global headquarters on Market Street in San Francisco following the instance of attack on numerous employees, they were harassed, and robbed on their way to and from the office.
The Tweet has attracted a number of responses from the community related to the safety concerns in the city where many crypto companies are based.
Seems like The city of Fog is actually quite foggy when it comes to crimes and safety.
At the same time, another US crypto exchange Coinbase will also shut down its headquarters in the city this year. However, there was no such mention of crime or homelessness from the exchange’s side. Apparently, this exchange is seeking to become an entirely remote global company and a decentralized workspace, similar to its rival Binance.
Twitter and Reddit community’s comments highlight that the skyrocketing rental prices have forced folks to choose homelessness, and the crimes are widespread. The average rent in the city is nearly $3,000 a month.
According to a report in 2020, San Francisco and the surrounding Bay Area accounted for the highest crypto investments. And the decisions like Kraken’s might loosen crypto’s grip in the city.
This decision might affect the city’s crypto situation but the crime rate is worth the concern. It is to look forward to if any other crypto entity in the city goes for a similar move.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
