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PayPal is closing its San Francisco office

 


The well-known US payment platform PayPal wants to close its branch in San Francisco. However, the headquarters in San Jose will remain.


The payments company plans to close its offices in downtown San Francisco as well as Xoom, its international digital money transfer division, according to a report by TechCrunch on Wednesday . At the time of writing, PayPal has multiple job openings in San Francisco, as well as 17 other US locations and 32 locations worldwide.


A PayPal spokesman said the company was evaluating its "global office presence" with the closure. Another source close to PayPal said employees in San Francisco will be able to work from home.



PayPal released its earnings report for the first quarter of 2022 on Wednesday and reported total payment volume of $323 billion and transaction revenue of approximately $6.5 billion. Transaction earnings also include fees for "buying and selling cryptocurrencies".


Since PayPal announced it would accept cryptocurrencies in 2021 , the company has become increasingly involved with digital assets, even exploring the development of a stablecoin . Also, in February, the payments company set up an advisory board to look at developments related to crypto, blockchain and digital currencies.


The San Francisco area is home to many large crypto and tech companies. However, some companies have migrated in recent years because, among other things, employees wanted to work from home. Major crypto exchange Coinbase announced in May 2021 that it plans to close its San Francisco headquarters in 2022 as it seeks to work mostly from home.


Kraken CEO Jesse Powell said in April the exchange had shut down its global headquarters in the city because several employees were "assaulted, harassed and robbed" on their way to and from the office.

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