After Coinbase, Kraken folds its HQ in San Francisco

April 14, 2022 01:51 AM AEST | By Manu Shankar

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Highlights

Kraken in a drastic step has decided to close its operations in the Golden City.

In a statement by the Kraken CEO, he said that crime, mental illness, and drug abuse are out of control in the city ad which goes dramatically underreported are the reasons for them close their HQ.

The move made Kraken the second exchange to perhaps go remote after Coinbase’s announcement in May last year that it will be folding its HQ in 2022 and will be going completely remote.

In a shocking development, San Francisco-based crypto exchange Kraken has said that it would close its operations in the Golden City. This move has come as a shock as many operators have had made similar exists in the past.

Responding to the development, Kraken said that it will not be looking for a new headquarter and has no plans to change its status as a US-based entity. The management added that the location of the headquarters wouldn’t affect how it runs its business.

The move made Kraken the second exchange to perhaps go remote after Coinbase’s announcement in May 2021 that it will be going completely remote and shut down all its operations by 2022.

Also read: MoonPay cashes in on star power to raise US$87 mn

Reasons for shutting down

It is believed that Kraken is wrapping up its operations due to the growing crime incidents in the city. It is believed that several Kraken employees were attacked, harassed, and robbed in recent times.

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Kraken CEO Jesse Powell further added, San Francisco is not safe and will not be safe until we have a District Attorney who puts citizens above the street criminals. The Golder City has been rampant with issues of crime, and soaring rental prices, owing to which over 18,000 people are homeless in the city.

Opportunity for other cities

Cryptocurrencies are the future of the financial world and San Franciso’s loss can be an opportunity for other cities. Cities, such as Texas, Miami, have become prominent for crypto investments and developments. In fact, Texas has Senator Ted Cruz who is perhaps one of the most accommodating leaders when it comes to Bitcoins. Similarly, Austin is known for its Web3 and crypto payments developments, and Miami is dubbed the next crypto capital.

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