Coinbase, the largest cryptocurrency exchange in the United States, is opening an office in New York. The New York Post reported on Sunday that the Nasdaq-listed cryptocurrency exchange has leased 30,000 square feet of Stephen Cohen’s Point72 investment firm at 55 Hudson Yards related companies in New York.

A Coinbase spokesperson confirmed the company’s plans to set up an office in New York, saying, “We will open a second office in New York to support flexible business plans because we are a remote company.”

Citing sources at the real estate company, the New York Post notes that Coinbase’s new New York office is a small portion of the tower’s 339,000 square feet of space at Point72. The report also notes that the Hudson Yards area is popular with corporate tenants, media, and law firms, but not tech firms.

“This is a new user brand for not only Related’s Hudson Yards, but the entire Westside area,” said one market observer.

Coinbase has been talked about more this year after it was announced on the Nasdaq in April. The company is best known for its off-site location, which CEO and co-founder Brian Armstrong officially announced in February 2021. Last month, Coinbase planned to close its San Francisco office in 2022 as part of the company’s “retirement” commitment.

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Armstrong stressed that closing Coinbase’s Golden Gate headquarters would be an important step toward ensuring that no office becomes unofficial. “Instead, we will provide our employees with a network of small offices through which they want to work,” he said.

As previously reported by Cointelegraph, Coinbase’s position on the dimension primarily reflects a similar position without the headquarters of rival Binance, the world’s largest crypto exchange. Changpeng Zhao, CEO of Binance in 2019, said that the office and headquarters are “old concepts like SMS and MMS.”

Source: CoinTelegraph