Coinbase announced that it will close its San Francisco HQ and move to a telecommute model. Additionally, it released a transparency report for the second half of 2020.
Coinbase commented on the move, saying that it’s “important to show our decentralized workforce that no one location is more important than the other.” Coinbase will instead offer a series of smaller offices.
The change to the new remote model is not unexpected, as many countries the world over are shifting to the telecommuting model. The operations costs are significantly reduced with this model, and employees also benefit from a better work-life balance.
In addition, Coinbase also released a transparency report on May 6 that detailed government requests for customer information between July 1, 2020, and Dec. 31, 2020. It received a total of 2,313 information requests during this period.
The key takeaways from this report are that 90% of requests were from the U.S., U.K., and Germany. There was also a 20% increase in the number of requests from France. Most requests were of the criminal type, with only 4.3% accounting for civil inquiries.
In the United States, the FBI and Homeland Security accounted for the majority of requests, at 50.9%. In total, the US made 1,197 requests.
Coinbase has made it a point to be more cooperative with law agencies and ensure that it does not violate any regulations. As a public company, it has to be especially careful about upsetting law enforcement agencies and regulators.
Coinbase doing well following its public debut
Coinbase launched on NASDAQ last month too much fanfare, making up most of the headlines for its landmark listing. The exchange is the first major crypto entity to go public, and the response has been overwhelming.
The price of its COIN shares has also performed well since its launch, and analysts believe that the debut will set the tone for other companies. The company’s revenue has also increased substantially, with Q1 2021 revenue standing at $1.8 billion.
Many other crypto companies are also considering going public, though there has been little in the way of updates in recent weeks.
Coinbase CEO Brian Armstrong, in an interview with CNBC, said that he expects multiple revenue streams to grow in the coming years. This would give Coinbase an even more robust business model, which would bode well for it.