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Coinbase declares ‘nearly the entire company will shut down’ for 4 weeklong breaks in 2022 to allow employees to recharge

“Given the depth of our work during the year, we think this is the best way to make sure our pace is sustainable for the long term,” said chief people officer L.J. Brock.

Major U.S. crypto exchange Coinbase will be giving its employees one week off each quarter in 2022 to recharge after “long days and long weeks” of severe work.

In a Monday blog post, Coinbase chief people officer L.J. Brock stated “nearly the complete organisation will shut down” for four separate weeks this 12 months as part of an experiment in allowing employees to recover after completing excessive workloads. Brock stated the exchange’s employees aren’t always limited to 40-hour work weeks and may have to “pivot at a moment’s notice,” seemingly creating the potential for burnout.

“We realized in 2020 that many employees weren’t taking ample time off to recharge, either because they didn’t prefer to force their teammates to cover for them or because they didn’t prefer to fall behind on their work,” stated Brock. “We knew this was unsustainable, so we scheduled a recharge week at the end of 2020 and two recharge weeks in 2021, when nearly the entire company would shut down Subsequent employee surveys made it clear: Recharge weeks work.”

Coinbase added:

“Four weeks of coordinated recharge time may sound like a lot of time off for a company in hypergrowth, however given the depth of our work at some point of the year, we suppose this is the great way to make certain our pace is sustainable for the long term.”

The announcement comes as many U.S. employees are pushing back against unfavorable job conditions, often resulting in changing careers or quitting except a definitive layout — a trend many have started calling “the Great Resignation.”

At the start of the pandemic, Coinbase changed its policy to enable employees to work remotely from their homes, with CEO Brian Armstrong saying the company would continue to provide the option as soon as the “restrictions of quarantine are over.” In May, the crypto exchange announced that it planned to absolutely shut its San Francisco headquarters sometime in 2022 as part of its commitment to “being remote first.”

Though not based in the United States, major crypto exchange Binance has taken a similar stance on having physical offices. The exchange has no formal headquarters, but its holding company is registered in the Cayman Islands, with previous connections to China, Japan, Malta and Seychelles. CEO Changpeng Zhao, or CZ, reportedly lives in Singapore, and many of Binance’s employees are spread across the globe.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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