Cryptocurrency exchange Coinbase is leaving Delaware and reincorporating in Texas, the company announced Wednesday, joining a growing number of firms moving to the Lone Star State.
In a regulatory filing, Coinbase cited Texas’ appeal as a business-friendly hub, pointing to favorable tax rules, lighter regulations, and new legislation creating specialized business courts.
Texas has recently attracted several companies valued over $1 billion, a trend some observers call “Dexit.” Coinbase, the largest publicly traded U.S. cryptocurrency exchange with a market capitalization near $82 billion, will be among the biggest to relocate.
The state has also targeted the cryptocurrency sector, promoting regulatory clarity and lower operating costs, as it seeks to position itself as a hub for blockchain and digital asset companies amid uncertainty in other jurisdictions.
LISTEN on the Audacy App
Tell your Smart Speaker to "PLAY 1080 KRLD"
Sign Up to receive our KRLD Insider Newsletter for more news
Follow us on Facebook | Twitter | Instagram | YouTube