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After announcing the closure of its San Francisco headquarters last month, Coinbase is apparently discreetly opening its first office in New York.
The United States’ largest cryptocurrency exchange, Coinbase, is reportedly setting up its first office in New York. The Nasdaq-listed cryptocurrency exchange has allegedly subleased 30,000 square feet from Steven Cohen’s investment firm Point72 at Related Companies’ 55 Hudson Yards in New York, the New York Post reports Sunday.
According to information from a real estate agency, Coinbase’s future New York office accounts for a modest portion of Point72’s overall 339,000 square feet in the skyscraper. According to the research, the Hudson Yards region is largely recognised for business, media, and legal tenants, rather than technological enterprises.
“It’s a new brand of user not only for Related’s Hudson Yards but also for the entire far West Side area,” one market observer reportedly said.
Coinbase, the largest cryptocurrency exchange in the United States, gained even more attention this year after going public on Nasdaq in April. The company is well-known for its no-headquarters policy, which was revealed by CEO and co-founder Brian Armstrong in February 2021. Coinbase said last month that it will close its San Francisco headquarters in 2022 as part of its commitment to “being remote first.”
Armstrong emphasised that closing Coinbase’s headquarters in San Francisco will be a critical step in ensuring that no office becomes an unofficial headquarters. “Instead, we will provide a network of smaller offices from which our employees can work if they so desire,” he stated.
Coinbase’s posture on being remote-first, as previously reported by Cointelegraph, follows a similar no-headquarters approach taken by competitor Binance, the world’s largest cryptocurrency exchange. Binance CEO Changpeng Zhao stated in 2019 that an office and a headquarters are “old concepts like SMS and MMS.”