Nov. 12 (UPI) -- Cryptocurrency firm Coinbase said its planning to leave Delaware and reincorporate its business in Texas.
The move to reincorporate in the Lone Star state was unanimously approved and recommended by the Coinbase board of directors.
A rough 78% majority of Coinbase shareholders approved the action.
"Delaware's legal framework once provided companies with consistency. But no more," Paul Grewal, Coinbase's chief legal officer, wrote in a Wall Street Journal Journal op-ed.
Coinbase now follows Elon Musk-owned Tesla in exiting Delaware to move its new base to Texas.
