Coinbase fires several employees following a controversial cultural stance

16.10.2020 | 08:00

Coinbase CEO Brian Armstrong publishes more details on his company’s changing landscape.

Following adjustments to company policies, Coinbase, the popular US-based crypto-currency exchange, has received backlash from employees who disagreed with the changes.

Coinbase received national attention for a recent policy change, which required employees to avoid political and social distractions and instead focus on their core mission of building an open financial system for the world. Multiple commentators, including Jack Dorsey of Twitter, found that the new direction is at odds with the values of the crypto-currency industry.

„Subsequently, we decided to make a generous exit package available to any employee who did not believe they could agree with this direction,“ Coinbase CEO Brian Armstrong said in a blog post on October 8. The CEO delivered an email to his staff, which I have pasted into the explanation of the blog post.

Armstrong’s email indicated that 60 of the exchange’s employees intend to leave the company, which is approximately 5% of the company’s workforce. Additional workers have expressed potential, though hesitant, interest in leaving as well.

The CEO warned that despite concerns about cultural change disproportionately affecting the company’s „under-represented minority population,“ individuals from these groups have not accepted the compensation package in disproportionate numbers.

In his clarifications to staff, Armstrong pointed out that employees should not have to pretend that the policy does not exist, and that Bitcoin Storm currencies represent an inherently political industry. However, I have stated that „Yes, we agree to be political in this particular area because it relates to our mission.

Explaining how to know what is political, Armstrong stated that „we recognise that it is a blurred line and we ask that employees use their good judgement. Our goal is not to look for violations, but to help employees adjust to these clarified expectations.

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