Coinbase to close for four weeks to let employees ‘charge up’

Major US crypto exchange Coinbase will release its employees for a week every quarter in 2022. They do this so that employees can recharge after long days and long weeks of intensive work.


‘We have seen that charging weeks work’

The Chief People Officer, named LJ Brock, announced that almost the entire company will shut down for four weeks this year. This is as part of an experiment to enable workers to recover from intense workloads.

Brock said workers aren’t necessarily limited to 40-hour workweeks. This creates the potential for burnout.

“We realized in 2020 that many employees were not taking enough time off to recharge. This was either because they didn’t want to force their colleagues to fill in for them or because they didn’t want to fall behind in their work. We knew this was unsustainable, so we planned a charging week at the end of 2020 and two charging weeks in 2021, with almost the entire company shutting down. Subsequent employee surveys made it clear that charging weeks really work.” According to Brock.

Coinbase added the following:

“Four weeks of coordinated recharge time may sound like a lot of free time for a hyper-growth company. But given the intensity of our work throughout the year, we think it’s the best way to ensure our pace is sustainable in the long run. ”

The announcement comes as many American workers resist unfavorable working conditions. This often results in career changes or quitting without a definitive plan. This is a trend that many have come to call “the Great Resignation.”

Positions requiring expertise in crypto and blockchain increased in 2021. Many companies are now offering crypto payments to take advantage of its seemingly growing popularity.


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Coinbase to Close San Francisco Headquarters in 2022

At the start of the pandemic, Coinbase changed its policy to allow employees to work from home. CEO Brian Armstrong said the company would continue to offer the option once the “quarantine restrictions are over”.

In May, the crypto exchange announced that it planned to completely close its San Francisco headquarters by 2022.

Although Binance is not based in the United States, the crypto exchange has taken a similar stance on having physical offices. The exchange has no formal headquarters. However, the company is registered in the Cayman Islands, with previous connections to China, Japan, Malta and the Seychelles. CEO Changpeng Zhao reportedly lives in Singapore. Many employees are also spread all over the world.

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