(Reuters) -Cryptocurrency exchange Coinbase (COIN) is reincorporating in the new business hub of Texas and will leave Delaware, the company said in a filing with the U.S. securities regulator on Wednesday.
Texas is drawing companies with its favorable business environment, bolstered by friendlier tax rules, lighter regulatory requirements, and new legislation aimed at establishing specialized business courts.
“For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards and speedy resolutions,” Coinbase Chief Legal Officer Paul Grewal said in a opinion piece in the Wall Street Journal on Wednesday.
“It’s a shame that it has come to this, but Delaware has left us with little choice.”
(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)