Kraken CEO Jesse Powell announced the closure of the company’s worldwide headquarters in San Francisco in a Tweet.
The Golden City is losing its lustre as one of the top cryptocurrency exchanges in the United States leaves its San Francisco offices.
Kraken CEO Jesse Powell announced through Twitter that the company will close its worldwide headquarters at 548 Market Street in San Francisco. According to a retweet sent by Richie Greenberg, a political journalist located in San Francisco, the decision states that:
“We closed Kraken’s worldwide offices on Market Street in San Francisco after multiple employees were assaulted, harassed, and robbed on their way to and from work.”
A bad advertisement for residing in the financial capital of California, the tweet also warns that “San Francisco is not safe” and that crime is “dramatically underreported.”
— Richie Greenberg (@richieSF2016) April 7, 2022
Coinbase, a cryptocurrency exchange based in the United States, would likewise close its San Francisco headquarters in 2022, but no mention was made of crime or homelessness. Rather than that, Coinbase followed competitor Binance’s path and became a fully remote, worldwide corporation.
Twitter users reacted quickly to the Kraken news, sharing grim memories about working in San Francisco.
I worked at Market St for few months, it is crazy, it turns into skid row after 6pm. I'm from Europe and never seen anything like it. Still have flashbacks of the things I witnessed. Just tried to look away and not get stabbed. Remember walking in the smell of skunk and pee.
— Markus (@markustallinn) April 7, 2022
Due to the deplorable living conditions, there are programmes that track human waste in San Francisco; Snap Crap is one of the most popular. The applications assist San Franciscans in navigating the city without stepping in it.
The community responses on Twitter and Reddit shed light on how rising rental prices have increased homelessness, while violence is “rampant.” The average rent in San Francisco is now approximately $3,000 per month, and the San Francisco Chronicle estimates that the city is home to more than 18,000 homeless people.
According to a 2020 research, San Francisco and the surrounding region, known as the Bay Area, has the biggest densities of cryptocurrency investments. In light of Kraken’s decision and the ongoing social unrest in San Francisco, the hold on cryptocurrency and the future of finance may deteriorate.
Other US towns and states have made it apparent that they intend to attract crypto capital: Texas, for example, is home to pro-Bitcoin Senator Ted Cruz (BTC), while the mayor of Austin has complimented Web3 and crypto payments.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.