Cryptocurrency exchange Coinbase announced Wednesday that it will reincorporate itself in Texas, becoming the latest company to move its business registration out of Delaware.

Coinbase announced the move in a regulatory filing, which said a majority of its stockholders voted to approve the company's reincorporation in Texas .

Texas has become an increasingly popular destination for U.S. corporations to register their businesses with its favorable business environment, friendlier tax rules, lighter regulatory regimes and new laws establishing a specialized business court system.

Several large companies have moved their legal headquarters out of Delaware in the last few years in what some have nicknamed the "Dexit."

Tesla switched its state of incorporation from Delaware to Texas

See Full Page