Kraken shuts down global headquarters because ‘San Francisco is not safe’
The Golden Metropolis is dropping its shine as one of many largest United States-based cryptocurrency exchanges closes its San Francisco-based headquarters.
Kraken CEO Jesse Powell retweeted an announcement stating that the trade will shut its world headquarters at 548 Market Road, within the heart of San Francisco. Within the assertion, a replica of which was initially tweeted by San Francisco-based political commentator Richie Greenberg, Powell states:
“We shut down Kraken’s world headquarters on Market Road in San Francisco after quite a few staff had been attacked, harassed and robbed on their strategy to and from the workplace.”
Cointelegraph reached out to the Kraken group for remark and can replace if and whe they reply.
A poor commercial for residing in California’s monetary heart, the assertion additionally alleges that “San Francisco isn’t protected” and crime is “dramatically underreported.”
— Richie Greenberg (@richieSF2016) April 7, 2022
Coinbase, one other U.S.-based cryptocurrency trade, may even shut its San Francisco headquarters in 2022; nevertheless, no point out of crime or homelessness was cited concerning the choice. As a substitute, Coinbase is following the lead of its competitor Binance to turn out to be a totally distant, world firm.
The Twitter group was fast to reply to the Kraken information, sharing darkish anecdotes of working in San Francisco.
I labored at Market St for few months, it’s loopy, it turns into skid row after 6pm. I am from Europe and by no means seen something prefer it. Nonetheless have flashbacks of the issues I witnessed. Simply tried to look away and never get stabbed. Keep in mind strolling within the odor of skunk and pee.
— Markus (@markustallinn) April 7, 2022
The residing scenario has allegedly turn out to be so dire that there are purposes that observe human waste round San Francisco, with “Snap Crap” among the many hottest. The apps assist San Franciscans navigate town with out placing their foot in it.
Feedback from the Twitter and Reddit group shed gentle on how hovering rental costs have made homelessness extra widespread, whereas crime is “rampant.” The common hire is now roughly $3,000 monthly, and the San Francisco Chronicle has estimated that there are greater than 18,000 folks experiencing homelessness within the metropolis.
A report in 2020 revealed that San Francisco and the encircling Bay Space boasted the best concentrations of crypto investments. In gentle of Kraken’s choice and the social crises in San Francisco, the area’s maintain on crypto and the way forward for finance might falter.
Different U.S. cities and states have made clear their intentions to draw crypto capital. Texas, for instance, hosts pro-Bitcoin (BTC) Senator Ted Cruz, whereas Web3 and crypto funds have been lauded by the mayor of Austin.