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PayPal is shuttering its San Francisco workplace: Report

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Major United States-based cost processor PayPal will reportedly be closing its workplace in San Francisco, whereas the headquarters in close by San Jose will stay accessible to workers.

According to a Wednesday report from TechCrunch, the funds agency might be closing its workplaces in downtown San Francisco with its Xoom arm — the division liable for worldwide digital cash switch providers. At the time of publication, PayPal has a number of job listings for San Francisco in addition to 17 different places throughout the United States, and 32 worldwide places.

A PayPal spokesperson reportedly hinted the closure was aimed on the firm evaluating its “global office footprint.” Another individual at PayPal acquainted with inner happenings on the agency stated displaced San Francisco workers would even have the choice of working remotely.

PayPal launched its earnings report for the primary quarter of 2022 on Wednesday, reporting the agency had a complete cost quantity of $323 billion and transaction revenues totaling roughly $6.5 billion. The latter included charges from facilitating “the purchase and sale of cryptocurrencies.”

Since asserting it could settle for cryptocurrency funds in 2021, PayPal has made inroads into the digital asset house by exploring the event of a stablecoin. In addition, the funds agency established an advisory council in February aimed toward supporting endeavors associated to crypto, blockchain and digital currencies.

Related: Demand for PayPal’s crypto providing exceeded all expectations, CEO says

The San Francisco Bay Area is residence to many main crypto and tech corporations, however some companies have made an exodus in recent times, presumably resulting from employees prepared to just accept distant working circumstances amid the pandemic. Major crypto trade Coinbase introduced in May 2021 that it could be closing its San Francisco headquarters in 2022 as a part of its dedication to “being remote first.”

Kraken CEO Jesse Powell additionally stated in April that the agency had shut down its international headquarters within the metropolis by the bay following studies a number of of its workers had been “attacked, harassed and robbed on their way to and from the office.”