Popular payment processor PayPal is closing San Francisco office, but its headquarters in nearby San Jose will, reportedly, stay open to staff.
According to TechCrunch, the payments company’s Xoom subsidiary — which is responsible for international digital money transfer services — would close its facilities in downtown San Francisco.
A PayPal spokesman reportedly stated that the shutdown was intended to evaluate the business’s “global office footprint,” while another PayPal employee aware of internal company events stated that relocated San Francisco employees will also have the option of working remotely.
PayPal had many job advertisements for San Francisco, as well as 17 other locations around the U.S. and 32 overseas locales, at the time of writing.
PayPal’s transition
On Wednesday, PayPal presented its earnings report for the first quarter of 2022, reporting $323 billion in total payment volume and $6.5 billion in transaction revenues. Fees for enabling “the purchase and sale of cryptocurrencies” were included in the latter.
PayPal has made inroads into the digital asset industry by researching the establishment of a stablecoin since declaring it would accept cryptocurrency payments in 2021.
Furthermore, in February, the payments company formed an advisory board to promote crypto, blockchain, and digital currency initiatives, and has recently confirmed it is examining the possibility of launching its own stablecoin.
Companies exit San Francisco
The story that PayPal is closing San Francisco offices came as a cherry on top as many big crypto and tech companies are headquartered in the San Francisco Bay Area, but some have left in recent years, presumably due to employees willing to accept remote working conditions in the midst of the pandemic.
Coinbase, a major cryptocurrency exchange, said in May 2021 that its San Francisco headquarters would close in 2022 as part of its goal of “being remote first.”
In April, Kraken CEO Jesse Powell announced the closure of the company’s global headquarters in San Francisco, citing claims that many of its employees had been “attacked, harassed, and robbed on their way to and from the office.”