The San Francisco based crypto exchange Kraken in a drastic step has decided to close its operations in the Golden City. This move which comes in as a shock to many within the crypto community and they have existed in city ever since its existence in 2011.
However, Kraken was quick to respond that this closing doesn’t mean that the hunt for another HQ is on. Kraken categorically specify that it has no plans to change its status as a US-based entity and the location of the headquarters wouldn’t affect how it runs its business.
The move made Kraken the second exchange to perhaps go remote after Coinbase’s announcement in May last year that it will be folding its HQ in 2022 and will be going completely remote.
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Why such a drastic step?
It is believed that Kraken is folding shop due to the growing crime incident in the city. It is believed that several of the Kraken employees were attacked, harassed and robbed.
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He further added, San Francisco is not safe and will not be safe until we have a DA who puts citizens above the street criminals. The Golder City has been rampant issues of crime, soaring rental prices leading to over 18,000 people experiencing homelessness in the city.
Opportunity for other cities to cash in
While closing of leading exchanges due to increasing crime in the city isn’t exactly a great advertisement for the city, but it also presents opportunity for other cities. Cities such as Texas, Miami etc. have climbed up the ladder of crypto investments and developments. In fact, Texas has Senator Ted Cruz who is perhaps one of the more accommodating ones when it comes to Bitcoins. Similarly, Austin is known for its Web3 and crypto payments developments and Miami themselves are dubbed to the next crypto capital.
Only time will tell how the changes or opportunities will other cites will tap into, but for now, it certainly has smeared the city’s name.
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