PayPal, a major US payment processor, according to a report is apparently closing its San Francisco office, however, staff will be able to work from the company’s headquarters in San Jose.
According to a story published by TechCrunch on Wednesday, the payments company’s Xoom business, which provides international digital money transfer services, may close its facilities in downtown San Francisco.
PayPal has multiple job opportunities for San Francisco, as well as 17 other locations around the United States and 32 overseas locales, at the time of publication.
A PayPal spokeswoman allegedly stated that the shutdown was due to the company’s “global office footprint” being evaluated. Another PayPal employee acquainted with the company’s internal affairs indicated that displaced San Francisco employees will have the option of working remotely.
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 from enabling “the purchase and selling of cryptocurrency” 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. In February, the payments company also launched an advisory council to promote crypto, blockchain, and digital currency initiatives.
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 to “becoming 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 route to and from the office.”
