In a latest interview with the Monetary Occasions, Coinbase Founder and CEO Brian Armstrong revealed his causes for leaving San Francisco.

In Might 2021, the cryptocurrency change introduced that it was completely closing its San Francisco places of work. This got here a yr after Armstrong introduced the corporate would go “distant first” and abandon bodily headquarters fully. At the moment, the CEO personally moved to Los Angeles.

Armstrong shared with the Monetary Occasions that a part of the explanation he moved to Los Angeles was due to the latest “techlash” in San Francisco. He advised the publication that San Francisco vilified the folks “creating progress” within the metropolis.

“The very best a part of San Francisco for me was that spirit of ‘we are able to construct a greater future with expertise,’ proper?” Armstrong advised the Monetary Occasions.

Coinbase’s departure from San Francisco got here only a yr after an argument during which Armstrong banned dialogue of political and social points within the office in the course of the Black Lives Matter motion. After that, 60 workers stop.

“I did not actually need to have a giant controversial second like that, it wasn’t one thing I used to be on the lookout for,” he advised the Monetary Occasions. “The truth is, I want that hadn’t occurred in any respect.”

Final summer time, Coinbase canceled beforehand accepted job gives and laid off virtually a fifth of its workers – 1,100 workers – following the downturn within the crypto trade. The corporate’s market capitalization has fallen from $76 billion when it debuted out there in 2021 to simply $10.3 billion in the present day.

Regardless of FTX’s latest crash, Armstrong stays “simply as bullish on crypto as ever,” he advised the Monetary Occasions.

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