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Kraken closes global headquarters in San Francisco: city 'not safe anymore'

 


The City of Gold is beginning to lose its luster as one of the largest US cryptocurrency exchanges closes its San Francisco headquarters. 


Kraken CEO Jesse Powell retweeted an announcement saying the exchange would close its global headquarters in central San Francisco. In response to political commentator Richie Greenberg's original tweet, Powell states:


"We have closed Kraken's global headquarters on Market Street in San Francisco after scores of employees were assaulted, harassed and robbed on their way to and from the office."


The statement, which doesn't leave California's financial center in good spirits, also says that "San Francisco is not safe" and that there is a "dramatic underreporting" with regard to crime.



Crypto exchange Coinbase also plans to close its San Francisco headquarters in 2022 . However, the crime was not mentioned in the justification. Coinbase wants to follow the example of its competitor Binance and only let its employees work from home.


The Twitter community reacted to the news of projects, sharing some anecdotes about working life in San Francisco.



The living situation has gotten so bad that there are apps that record human waste in San Francisco on a map. One of the most popular apps is "Snap Crap". The apps help San Francisco citizens navigate the city without crowding.

Comments from the Twitter and Reddit community said rising rents had led to an increase in homelessness and crime was "rampant". The average rent today is around $ 3,000 a month and the San Francisco Chronicle estimates that more than 18,000 people in the city are homeless.


Related : Bolt Acquires Wyre: Gateway to Bitcoin (BTC) and NFT


A 2020 report stated that San Francisco and the surrounding Bay Area have the highest concentrations of crypto investments . Due to the departure of Kraken and the social crisis in San Francisco, the region's influence on cryptocurrencies and the future of finance could weaken.


Other US cities and states plan to attract crypto capital. Texas, for example, elected bitcoin ( BTC ) proponent Ted Cruz as a senator and the mayor of Austin publicly praised Web3 and crypto payments .

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