Coinbase CEO Reveals The Real Reason He Closed SF Offices

In a recent interview with the Financial Times, Coinbase Founder and CEO Brian Armstrong revealed his reasons for leaving San Francisco.

In May 2021, the cryptocurrency exchange announced that it was permanently closing its San Francisco offices. This came a year after Armstrong announced the company would go “remote first” and abandon a physical headquarters entirely. At this time, the CEO personally moved to Los Angeles.

Armstrong shared with the Financial Times that part of the reason he moved to Los Angeles was because of the recent “techlash” in San Francisco. He told the publication that San Francisco vilified the people “creating growth” in the city.

“The best part of San Francisco for me was that spirit of ‘we can build a better future with technology,’ right?” Armstrong told the Financial Times.

Coinbase’s departure from San Francisco came just a year after a controversy in which Armstrong banned discussion of political and social issues in the workplace during the Black Lives Matter movement. After that, 60 employees quit.

“I didn’t really want to have a big controversial moment like that, it wasn’t something I was looking for,” he told the Financial Times. “In fact, I wish that hadn’t happened at all.”

Last summer, Coinbase canceled previously accepted job offers and laid off almost a fifth of its staff – 1,100 employees – following the downturn in the crypto industry. The company’s market capitalization has fallen from $76 billion when it debuted in the market in 2021 to just $10.3 billion today.

Despite FTX’s recent crash, Armstrong remains “just as bullish on crypto as ever,” he told the Financial Times.

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