Kraken closes its worldwide headquarters, claiming that ‘San Francisco is unsafe’

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 luster 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 would shut 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 ruling states that:

“We closed Kraken’s worldwide offices on Market Street in San Francisco after many workers were assaulted, harassed, and robbed on their way to and from work.” Cointelegraph has reached out to the Kraken team for comment and will update this story when information becomes available.

A bad pitch for residing in the financial capital of California, the tweet also warns that “San Francisco is not safe” and that crime is “dramatically underreported.”

Coinbase, a cryptocurrency exchange located in the United States, would likewise leave its San Francisco headquarters in 2022, although no mention was made of violence or homelessness. Rather than that, Coinbase followed rival Binance’s path and become a completely remote, worldwide corporation. Twitter users reacted quickly to the Kraken news, sharing grim memories about working in San Francisco.

Due to the deplorable living conditions, there are programs that monitor human waste in San Francisco; Snap Crap is one of the most popular. The apps assist San Franciscans in navigating the city without stepping in it.

The community responses on Twitter and Reddit shed light on how rising rental rates have increased homelessness, while violence is “rampant.” The average rent in San Francisco is now around $3,000 per month, and the San Francisco Chronicle estimates that the city is home to more than 18,000 homeless individuals.

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 grip on cryptocurrency and the future of finance may deteriorate.

Other US towns and states have made it apparent that they want 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.

Also Read: Bitcoin Is Now Accepted As A Legal Tender In Honduras’ Special Economic Zone