Coinbase has announced that it will transition to „remote first“ work after the pandemic quarantine ends in an effort to guard against location-based risks and improve decentralization.
In an open letter to all employees, Coinbase CEO Brian Armstrong said
„Once the quarantine restrictions have been lifted,
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will accept ‚remote‘ work first, which means we will offer the option of working in an office or remotely for the vast majority of roles.
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It is estimated that 20% to 60% of all Coinbase employees will continue to work remotely once all COVID-19 restrictions are removed.
In addition, it will probably be cheaper
The change in mentality was the result of the unplanned social distancing imposed on them by the COVID-19 pandemic, which in turn produced „less operational complexity than we expected“.
Armstrong wrote that, as more preventative measures come into play, such as keeping 6 feet between each employee, Coinbase will not be able to physically accommodate all employees at its San Francisco headquarters. In light of this, the company decided to „choose innovation“ as an „extension of the values of cryptology.
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A visionary and industry leader
Armstrong said that „Coinbase’s vision is to create a world with more economic freedom, and not being tied to one location is a key part of that“ and that he believed the company’s decision would be influential:
„What we’re doing right now could influence the way forward for many companies.“
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The announcement comes on the same day that the exchange launches staking rewards for Cosmos asset holders. Coinbase product manager Bryce Ferguson said this eliminates the risks associated with token staking for users, as Coinbase Custody will cover the losses incurred:
„Stake assets in a PoS network are traditionally exposed to the risk of a slashing event Coinbase Custody will cover this risk and customers will not be affected by any potential slashing event.