U.S. crypto exchange Coinbase is closing down its San Francisco headquarters in order to become a ‘remote first’ business, it announced in a release Wednesday.

Coinbase is one of the world’s largest crypto exchanges and processes billions of dollars in trading volume each day. The company went public in a landmark move last month but has in no way embraced the traditional way of running a business.

“Coinbase is committed to being remote first. We announced we no longer have an HQ and as a next step, we’re closing our SF office (our former HQ) in 2022,” the firm said, adding it had committed to having no HQ to show its “decentralized workforce that no one location is important than the another.”

Coinbase is committed to being remote first. We announced we no longer have an HQ and as a next step, we’re closing our SF office (our former HQ) in 2022.

— Coinbase News (@CoinbaseNews) May 5, 2021

The move is not the end of all Coinbase offices, as smaller/other offices will continue to operate and function as normal. 

“Closing our SF office is an important step in ensuring no office becomes an unofficial HQ and will mean career outcomes are based on capability and output rather than location,” explained Coinbase, adding:

“Instead, we will offer a network of smaller offices for our employees to work from if they choose to.”

The ‘remote first’ move is another step in Coinbase’s mission-driven vision. However, the latter has been previously mired with controversy: In 2020, a post by CEO Brian Armstrong said the company would not tolerate political, social, or non-profit discussion at its workplace, leading to as many as 60 employees taking the exit door.

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