Coinbase CEO reveals the real reason he closed SF offices

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 it was closing its San Francisco offices for good. This came a year after Armstrong announced the company would go “remote first” and abandon a physical headquarters entirely. Around this time, the CEO personally moved to Los Angeles.

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

“The best part about San Francisco to me was this 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 the discussion of politics and social issues in the workplace during the Black Lives Matter movement. After this, 60 employees resigned.

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

This past summer, Coinbase rescinded already-accept job offers and laid off nearly a fifth of its staff — 1,100 employees — following the downturn of the crypto industry. The company’s market capitalization has fallen from $76 billion at its market debut in 2021 to just $10.3 billion today.

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

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