Cryptocurrency exchange Coinbase is departing Delaware and reincorporating itself in Texas, the company said in a regulatory filing on Wednesday, citing the new business hub’s growing attractiveness for innovative companies.

Texas is establishing itself as the new darling of Corporate America by drawing companies with its favorable business environment, friendlier tax rules, lighter regulatory requirements, and new legislation aimed at establishing specialized business courts.

Several companies with a valuation of over $1 billion have moved their legal home out of Delaware since last year, in what some have nicknamed “Dexit.”

Crypto exchange Coinbase cited the new business hub’s growing attractiveness for innovative companies. REUTERS

Tesla shifted its headquarters to Texas last yea

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