PayPal is Terminating it's San Francisco Operations

According to a spokeswoman, the corporation is assessing its "global office footprint" as a reason for the closure.

Payment processor PayPal has allegedly decided to close its San Francisco branch while keeping its headquarters in San Jose open to staff.

According to a TechCrunch article, the company's Xoom subsidiary, which provides international digital money transfers, is leaving its downtown San Francisco headquarters. As of this writing, PayPal has open positions in San Francisco, 17 other U.S. cities, and 32 other countries.

PayPal's spokeswoman allegedly said that the business was assessing its "global office footprint" in the wake of the shutdown of its Hong Kong branch. Employees at PayPal's San Francisco office, according to a source acquainted with company affairs, will have the option to work remotely as well.

According to the company's first-quarter financial report issued Wednesday, there were $323 billion in payments processed by PayPal in the first quarter of 2022. Fees for "the acquisition and selling of cryptocurrency" were included in the latter.

When PayPal said it would handle cryptocurrency payments in 2021, it took a significant step toward entering the digital asset market by researching the establishment of a stablecoin. In addition, in February, the payments company formed an advisory board to help projects connected to crypto, blockchain, and digital currency.

The San Francisco Bay Area is home to many influential cryptos and tech businesses. However, some of these companies have recently made an escape owing to the epidemic. Coinbase said that the company would shutter its San Francisco offices in 2022 due to its "being distant first" philosophy.

Following claims that some of Kraken's workers had been "attacked, harassed, & robbed on their route to and from the workplace," CEO Jesse Powell revealed in April that the company had shut down its worldwide headquarters in the city by the bay.

Source: Cointelegraph News