The leading cryptocurrency exchange in the United States, Coinbase will give its employees a week off each quarter in 2022 to replenish themselves after “long days and long weeks” of intense work.
In a blog post on Monday, Coinbase’s chief personnel officer, LJ Brock said “almost the entire company will shut down” for four separate weeks this year as part of an experiment to allow workers to recover after completing intense workloads. Brock said the exchange’s employees are not necessarily limited to 40-hour workweeks and may have to “pivot in a flash,” apparently creating the potential for burnout.
“We realized in 2020 that many employees were not taking enough time off to recharge, either because they did not want to force their colleagues to cover for them or because they did not want to be late at work,” Brock said. “We knew this was unsustainable, so we scheduled a recharge week at the end of 2020 and two recharge weeks in 2021, when almost the entire company would close. […] Post-employee surveys made it clear: Refill weeks work. “
“Four weeks of coordinated recharge time may sound like a lot of free time for a hyper-growing company, but given the intensity of our work throughout the year, we believe it is the best way to ensure that our pace is sustainable in the long term.”
The announcement comes at a time when many American workers are opposed to unfavorable working conditions, often resulting in a career change or resignation without a definitive plan, a trend that many have begun to call “The Great Resignation”. Cointelegraph reported in September that positions requiring experience in crypto and blockchain increased in 2021, with many companies now offering cryptocurrency payments to capitalize on the space’s apparent growing popularity and attract new workers.
At 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 “quarantine restrictions have ended”. In May, the cryptocurrency exchange announced that it planned to completely shut down its San Francisco headquarters sometime in 2022 as part of its commitment to “go 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, 2021
Although it is not based in the United States, Major crypto exchange Binance has taken a similar stance when it comes to having physical offices. The exchange does not have a formal headquarters, but its holding company is registered in the Cayman Islands, with previous connections to China, Japan, Malta and the Seychelles. CEO Changpeng Zhao, or CZ, apparently lives in Singapore, and many of Binance’s employees are spread across the world.