The Global Headquarters Of Kraken Has Been Shut Down Because ‘San Francisco Is Not Safe.’

Kraken CEO Jesse Powell announced the closure of the company’s worldwide headquarters in San Francisco in a tweet.

The Golden City is losing its luster as Kraken, one of the top cryptocurrency exchanges in the United States, leaves its San Francisco offices.

Jesse Powell, the CEO of Kraken, announced on Twitter that the company’s global headquarters at 548 Market Street in San Francisco will close. The tweet said:

“We shut down Kraken’s global headquarters on Market Street in San Francisco after numerous employees were attacked, harassed and robbed on their way to and from the office.”

Coinbase, a cryptocurrency exchange established in the United States, will close its San Francisco headquarters in 2022 as well, with no mention of violence or homelessness. Coinbase, on the other hand, followed its competitor Binance’s example in becoming a completely remote, worldwide corporation.

The Twitter community reacted quickly to the Kraken news, sharing grim memories from their time working in San Francisco.

The living condition is so bad that there are apps that track human waste in San Francisco; one of the most popular is Snap Crap. The apps assist San Franciscans in navigating the city without stepping in it.

The community comments on Twitter and Reddit highlighted how skyrocketing rental prices have made homelessness more widespread, while violence is “rampant.” The average rent in San Francisco is currently above $3,000 per month, and the San Francisco Chronicle estimates that the city has over 18,000 homeless people.

According to a survey published in 2020, San Francisco and the Bay Area have the biggest concentrations of crypto assets. The grasp on crypto and the future of finance may falter in light of Kraken’s decision and the social issues in San Francisco.

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Patrick

CoinCu News