U.S. crypto exchange Coinbase has announced that it will move to a “remote-first” workplace. Once the pandemic lockdown is over in an attempt to guard against location-centric risks and to increase decentralization.
“After the restrictions of quarantine are over, Coinbase will embrace being ‘remote-first’. Meaning we will offer the option to work in an office or remotely for the vast majority of roles.”
An estimated 20 to 60 percent of all employees of the firm will continue to work remotely. Once all restrictions on COVID-19 removed.
It’s probably cheaper, too
The change in mentality resulted from the unplanned social distance forced by the COVID-19 pandemic. And which produced “less operational complexity than we expected.”
Armstrong wrote that the more preventive measures come into play, such as keeping each employee 6 feet between. In such cases, Coinbase would not be able to physically fit all staff back into their headquarters in San Francisco. With this in mind, the company decided to “choose innovation” as an “extension of the values of crypto”.
An industry leader and visionary
Armstrong said “the vision for Coinbase is to create a world with more economic freedom. And not being tied to one location is a key part of this”. Also, he believed that the decision of the company would be influential:
“What we do in this moment could influence many companies’ paths forward.”
Coinbase Launch Cosmos Staking
The announcement comes the same day the exchange is launching a staking reward for Cosmos asset holders. Also, the Coinbase Product Manager Bryce Ferguson said this eliminates the users’ risk of token staking. Also, Coinbase Custody will cover any losses incurred:
“Assets staked to a PoS network traditionally are exposed to the risk of a “slashing” event… Coinbase Custody will cover this risk and clients will not be impacted by any potential slashing event.”