Victor Ugochukwu · Oct 30, 2020 . 8min read
Brian Armstrong clarifies Coinbase’s Mission, could be a pathway to its proposed IPO
A mission focused company, Coinbase will channel its collective energies and resources as a company to its mission rather than broader societal issues.
By Victor Ugochukwu · Sep 29, 2020 . 8min read
Brian Armstrong, in a recent blog post, has makes known his position as the CEO of Coinbase aptly clarifying his company’s mission on broader societal issues. Amidst the growing cancel culture and social unrest, the CEO lays bare what is and what is not and the acceptable and unacceptable norms within the confines of the giant cryptocurrency exchange that may be well on its way to an IPO.
In a blog post titled “Coinbase is a mission-focused company”, Brian points out that Coinbase plays as a Championship team. By that, he means the team puts the company goal ahead of any personal ambition. The charter also states by default; they avoid suspicion but trust. Coinbase’s team and employees would instead focus on what unites them than exploring and fanning the embers of division. And lastly in the Championship team mantra, as is in every game where teams play to win, Coinbase won’t hesitate to make the needed changes to ensure they remain competitive and ultimately succeed in its company mission.
So what is Coinbase mission really focused on?
Brain lays it out very simple.
At Coinbase, we say that we are focused on building.
That means it will channel its collective energies and resources as a company to its mission rather than broader societal issues. Highlighting this, Brian says it will build great products targeted at millions of people globally. It will employ talented people ensuring there’s a balance between groups like Blacks, Latinos and any other underrepresented groups. And while engaging in the act of recruitment, it adopts a structured interview system. This helps to reduce any unconscious bias in the process. Consequently, Coinbase, as part of its mission, would not consider policy decisions not really targeting crypto industry or political causes seriously. As well, it won’t entirely eclipse works of charity as it is already the pioneer of the Give.Crypto.com initiative. However, since it’s a profit-driven company, it will operate majorly to generate revenue, keeping it afloat.
Companies who focus on their mission makes the greatest impact.
Brian argues that it is only when companies focus on their core mission are they able to impact society positively. He says
The reason is that while I think these efforts are well intentioned, they have the potential to destroy a lot of value at most companies, both by being a distraction, and by creating internal division.
He cites the strife among employees in companies like Google and Facebook. Quite notably, most Silicon Valley-based companies showed solidarity towards the #BlackLivesMatter movement, which many says is a political movement. Clearly, even if Coinbase might believe in any of these, Brian says it will focus more on its mission.
To make it clear, Brian says he has engaged with their employees on this and will continue to do so. Hence, it will ensure no one feels they can’t fully express themselves. He says,
But for some employees, working at an activism focused company may be core to what they want, and we want to prompt that conversation with their manager to help them get to a better place.
Brian’s clarification may be the clearest hint towards a rumoured IPO.
Although Coinbase has not given any express clarification on a possible IPO, rumours have it that it’s in consideration. Earlier in July, we reported on a Coinbase IPO happening anytime as Reuters claims, looks like this may be it. Brian’s clarification on Coinbase mission may just be the signal to investors that they’ll be making a good pick. After all, he reiterates that Coinbase is a profit-driven company and investors and profits go hand in hand.
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Komal Joshi · Oct 30, 2020 . 5min read