Coinbase will transition to a permanent “remote-first” future after the quarantine is over.
U.S. crypto exchange Coinbase has announced it will transition to a “remote-first” workplace after the pandemic lockdown is over in an effort to guard against location-centric risks and to improve decentralization.
In an open letter to all employees, Coinbase CEO Brian Armstrong said:
“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% of all Coinbase employees will continue to work remotely once all COVID-19 restrictions are removed.
Also, it’s probably cheaper
The mindset change was a result of the unplanned social distancing forced upon them by the COVID-19 pandemic which produced “less operational complexity than we expected”.
Armstrong wrote that as more preventative measures come into play, like keeping 6 feet between each employee, Coinbase would not physically be able to fit all employees back into their San Francisco headquarters. In light of this, the company decided to “choose innovation” as an “extension of the values of crypto”.
A visionary and industry leader
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” and that he believed the company’s decision would prove 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 launches staking rewards for Cosmos asset holders. Coinbase Product Manager Bryce Ferguson said this removes the risks associated with token staking for users as 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.”