Kraken closes global headquarters in San Francisco to keep employees safe

While corporate moves in the cryptosphere have typically been driven by their souring relationship with regulators, a new reason has just been added to the list. Indeed, the Kraken cryptocurrency exchange has decided to close its world headquarters based in the city of San Francisco alleging that it is no longer as safe as in the past.

Resurgence of cases of harassment and theft around the headquarters of Kraken

Kraken CEO Jesse Powell decided on April 6 to close the exchange’s global headquarters believing that the safety of its employees was no longer guaranteed in San Francisco. Located in the heart of the city at 548 Market Street, the headquarters represented one of the symbols of the emergence of the cryptosphere in the financial center of California. ” We closed Kraken’s global headquarters on Market Street in San Francisco after scores of employees were attacked, harassed and robbed on their way to and from the office Mr. Powell said.

The reasons given by the CEO of Kraken constitute poor publicity for the city that is home to other cryptocurrency companies. This is particularly the case of Coinbase, which has also announced its intention to close its headquarters in San Francisco. However, the rampant crime in the city would not be the basis for this second departure which will come in 2022. Several cryptocurrency enthusiasts took to Twitter to react to the announcement of the CEO of Kraken while sharing dark stories about the daily life of workers in San Francisco.

Living conditions have become disastrous

In addition to the blatant insecurity on the streets of San Francisco, workers also have to contend with the rise of incivility characterized by the proliferation of defecation in the open air. There are also applications that allow you to follow this waste deposited by men across the city. These apps help San Francisco residents avoid these spots on the route to work.

The community also pointed to soaring rent prices in the city, what has increased the number of homeless people on the streets of San Francisco. It would thus cost an average of 3,000 dollars per month to obtain decent housing in the city. All these revelations help to better understand the choice of Kraken. This departure should inevitably have an impact on the status of San Francisco within the cryptosphere and the future of the sector in the region.

Kraken should have no trouble finding another city in the United States to relocate its global headquarters there. Indeed, several US states, including Texas, are currently taking the necessary steps to facilitate crypto investments in their jurisdictions.

Source: BeInCrypto

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Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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