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Kraken announces closure of San Francisco office

Kraken

TL; DR Breakdown

  • Kraken to close down San Francisco office
  • The company cited harassment against its staff
  • Crypto users lament the unsafe San Francisco environment

Kraken has announced that it has closed its headquarters located at the heart of San Francisco in a move to take operations away from the US. The news was brought to light in a recent tweet by the CEO of the crypto exchange, Jesse Powell. According to his tweet this morning, the company will be closing down its headquarters at 548 Market Street in San Francisco.

Kraken cites harassment against its workers

Before the tweet was made available, there were reports that the crypto exchange would leave the official location. The tweet at the time was shared by one of the political analysts from the state, Richie Greenberg. In his statement, Greenberg cited many issues as the company’s main reason for leaving the said location. According to publications, workers and staff of the company have been subjected to inhumane treatments when leaving and going to work in the location.

Some of these treatments include attacks, robbing, and other things. Adding to the statement, Greenberg also sent another tweet saying that the area’s security was no longer safe as crimes around the area were at an alarming rate. Kraken will not be the only exchange closing its doors in the state, with Coinbase signaling an interest in leaving towards the end of the year. However, Coinbase has not given an official reason why it wants to leave the region.

Crypto users lament the unsafe San Francisco environment

According to some sources, Coinbase plans to follow the Binance initiative to keep its activities remote without a physical office. Many participants in the crypto sector have given their two cents regarding the new update by Kraken. Some of them who are familiar with the area’s conditions supported the decision of the crypto exchange. The living conditions in the city have also taken a turn for the worst, with developers now making apps to recognize human wastes.

One such app is Snap Crap which helps citizens navigate their way amidst the chaos across the city. Another issue is homelessness, which has turned many people into scavengers for public places to sleep. With rent as high as $3,000 every month, more than 18,000 have been displaced from their homes across the country. Reports from 2020 mentioned that companies around the region witnessed an influx of crypto investments. With Kraken making its final bow in the city, there could be a dwindling of crypto activity in the region.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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