Main United States-based fee processor PayPal will reportedly be closing its workplace in San Francisco, whereas the headquarters in close by San Jose will stay out there to workers.

In line with a Wednesday report from TechCrunch, the funds agency can be closing its workplaces in downtown San Francisco with its Xoom arm — the division chargeable for worldwide digital cash switch providers. On the time of publication, PayPal has a number of job listings for San Francisco in addition to 17 different places throughout the USA, and 32 worldwide places.

A PayPal spokesperson reportedly hinted the closure was aimed on the firm evaluating its “international workplace footprint.” One other individual at PayPal accustomed to inside happenings on the agency mentioned displaced San Francisco workers would even have the choice of working remotely.

PayPal shuttering its San Francisco workplace https://t.co/XEQvXwYVYH by @bayareawriter

— TechCrunch (@TechCrunch) April 27, 2022

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

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

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

The San Francisco Bay Space is house to many main crypto and tech corporations, however some companies have made an exodus lately, probably as a consequence of workers prepared to simply accept distant working circumstances amid the pandemic. Main crypto change Coinbase introduced in Might 2021 that it might be closing its San Francisco headquarters in 2022 as a part of its dedication to “being distant first.”

Kraken CEO Jesse Powell additionally mentioned 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 technique to and from the workplace.”