Značka: Brian Armstrong

Coinbase announces 'nearly the entire company will shut down' for four weeklong breaks in 2022 to allow workers to recharge

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 intense work.In a Monday blog post, Coinbase chief people officer L.J. Brock said “nearly the entire company will shut down” for four separate weeks this year as part of an experiment in allowing workers to recuperate after completing intense workloads. Brock said the exchange’s employees aren’t necessarily 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 enough time off to recharge, either because they didn’t want to force their teammates to cover for them or because they didn’t want to fall behind on their work,” said 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 might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term.”The announcement comes as many U.S. workers are pushing back against unfavorable job conditions, often resulting in changing careers or quitting without a definitive plan — a trend many have started calling “the Great Resignation.” Cointelegraph reported in September that positions requiring expertise in crypto and blockchain increased in 2021, with many companies now offering crypto payments to capitalize on the space’s seemingly growing popularity and attract new workers.Related: Survey finds lower-paid workers are quitting jobs thanks to crypto profitsAt the start of the pandemic, Coinbase changed its policy to allow employees to work remotely from their homes, with CEO Brian Armstrong saying the company would continue to offer the option once the “restrictions of quarantine are over.” In May, the crypto exchange announced that it planned to completely close its San Francisco headquarters sometime in 2022 as part of its commitment to “being remote first.”Coinbase is committed to being remote first. We announced we no longer have an HQ and as a next step, we’re closing our SF office (our former HQ) in 2022.— Coinbase News (@CoinbaseNews) May 5, 2021Though 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.

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CEO of Coinbase crypto exchange reportedly buys LA mansion for $133M

Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the United States, has reportedly made a multi-million-dollar real estate purchase at the end of 2021.Armstrong bought a $133 million Los Angeles property from Japanese entrepreneur Hideki Tomita in December, The Wall Street Journal reported on Monday, citing anonymous people familiar with the matter.According to the WSJ, Tomita originally purchased the real estate for $85 million in 2018. The new deal allegedly marks the biggest home purchase ever completed in the L.A. area.Prior to being sold to Tomita, the Bel-Air estate was formerly owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram heir Charles Bronfman.The property included a 19,000-square-foot mansion featuring a theater, a gym and a double-height dining room. The property also reportedly had a 6,600-square-foot guest house designed by Paul Williams.Armstrong co-founded Coinbase with American business executive and investor Fred Ehrsam back in 2012. The exchange has been growing massively in recent years, becoming the largest crypto trading platform in the U.S. in terms of trading volumes and going public on Nasdaq in April 2021.With a reportedly 19% stake in Coinbase, Armstrong had an estimated net worth of $14.7 billion as of November 2021, being one of the world’s richest crypto investors alongside FTX exchange founder Sam Bankman-Fried. Armstrong was also referred to as the world’s biggest crypto billionaire by China’s Hurun Research Institute in March 2021.Coinbase did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending any new information.Related: Russian bank Sber launches blockchain ETF tracking Coinbase, Galaxy DigitalCrypto executives have been increasingly buying real estate recently. Jonathan Yantis, a co-founder at the nonfungible token platform Worldwide Asset eXchange, reportedly purchased a 70-acre estate outside Denver for $12.5 million in mid-December.Changpeng Zhao, CEO of the world’s largest crypto exchange, Binance, reportedly bought his first home in Dubai in October 2021. He previously said that he did not own any real estate as of April 2021, claiming that he sold his apartment in Shanghai back in 2006 to buy Bitcoin.

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