San Francisco-based cryptocurrency exchange Coinbase has said it will be transitioning to a permanent “remote-first” future after the COVID-19 crisis has passed. 

Who needs offices and commutes anyway?

The company, which quickly pivoted to a work-from-home model as the crisis emerged, says the move will help it mitigate potential location-centric risks and embrace decentralisation. 

Coinbase CEO, Brian Armstrong, sent an open letter to all employees saying that the vast majority of employees would be given the option of working remotely after COVID-19 restrictions are lifted. It is estimated that between 20% and 60% of the company’s staff will take up the offer. 

Explaining the decision, which is being spun as “extending the values of crypto”, Armstrong said that the switch to remote work during the crisis had gone smoother than expected, and enforcing the required social distancing at Coinbase’s San Francisco headquarters would be impractical.

Cosmos staking launched

Coinbase has also launched staking rewards for Cosmos asset holders, in a move that the company says removes risks associated with token staking. As Coinbase Product Manager Bryce Ferguson explained:

“Assets staked to a PoS network traditionally are exposed to the risk of a “slashing” event… Coinbase Custody will cover this risk and clients will not be impacted by any potential slashing event.”

AYO.NEWS says:

The COVID-19 lockdowns have revealed one thing very clearly – that in 2020 many workers don’t actually need to spend hours commuting to and from offices every day. As someone who has been working from home for years, I find it surprising it’s taken this long for companies to cotton on to the revelation!

For companies it’s a win-win. They can have smaller, or even no dedicated office space, instantly slashing operating costs. It also means they can recruit the best team members from anywhere in the world, rather than just a commutable distance. 

For employees it’s a double-edged sword for sure. On the one hand, those with jobs can cut the commute, which not only saves time and money, but also cuts stress and helps the environment. However, it does mean they will be competing in a truly global jobs market. 

Of course, it’s extremely bad news for commercial landlords and property developers, and for governments that have, until now, been able to charge obscene commercial property taxes (especially places like the UK, with its extortionate “business rates”). 

My prediction: expect to see a lot of office buildings being converted into residential properties… and hey, that will help drive down residential rents and property costs too. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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