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Coinbase announces ‘nearly the entire company will shut down’ for four weeklong breaks in 2022 to allow workers to recharge

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In 2022, Coinbase, a major cryptocurrency exchange in the United States, will give its staff one week off every quarter to recoup after “hard days and long weeks” of intense work.

Coinbase chief people officer L.J. Brock stated in a Monday blog post that “almost the whole firm will shut down” for four weeks this year. As part of an experiment to allow workers to recover after completing hard workloads. Employees at the exchange, according to Brock, aren’t always confined to 40-hour work weeks. And maybe required to “pivot at a moment’s notice,” implying the possibility of burnout.

“By 2020, we found that many employees were not taking enough time off to recharge. Either because they didn’t want to burden their colleagues or because they didn’t want to fall behind on their work”, Brock explained. “We realised it couldn’t go on like this, so we planned a recharge week at the end of 2020 and two recharge weeks in 2021, during which practically the entire firm would shut down […] Employee polls in the following weeks revealed the truth: “Recharge weeks work”.

“For a firm in hypergrowth, four weeks of organised rest time may seem like a lot of time off, but given the intensity of our work throughout the year, we believe this is the best way to ensure our pace is sustainable for the long term.”

“The Great Resignation”

In fact, the news comes as many Americans fight back against harsh working conditions. Which often leads to career changes or resigning without a plan – a trend dubbed “the Great Resignation” by some. As we noted in September, the number of jobs needing crypto and blockchain skills expected to rise in 2021. With many businesses now accepting crypto payments to capitalise on the space’s apparent expanding popularity and recruit new employees.

Besides, Coinbase amended its policy to let workers work remotely from their homes at the onset of the pandemic. And CEO Brian Armstrong said the company would continue to do so after the “quarantine constraints are lifted”. As part of its mission to “becoming remote first”, the crypto exchange announced in May that it would close its San Francisco headquarters in 2022.

Binance, a large cryptocurrency exchange situated in Hong Kong, has adopted a similar stance on having actual offices. While not being based in the United States. Although the exchange does not have a formal headquarters, its holding company is located in the Cayman Islands. And it has previously had connections to China, Japan, Malta, and Seychelles. Binance’s CEO, Changpeng Zhao, or CZ, said to be based in Singapore. And the company’s workers dispersed throughout the world.

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