Coinbase loses 5% of its workforce as it decides to be an apolitical organization, workforce still diverse

Since Coinbase decided about being mission-focused, the crypto giant has lost about 5% of its workforce due to diverse opinions.

By · Oct 9, 2020 . 6min read

Coinbase loses 5% of its workforce latest news

Following Coinbase’s recent decision to clearly state that it is mission-focused and therefore would have all its employees apolitical, it has since lost 5% of its workforce. The sixty persons, according to an internal memo, opted to receive their severance packages and leave the crypto unicorn.

Coinbase which decided to toe an unpopular path where most tech organizations have not only shown solidarity for political issues but also gave their opinion on such matters. Brian Armstrong, the CEO of Coinbase stance was that Coinbase is a mission-focused organization and does not intend in engaging broader societal activism. Instead, his company which is rumoured to be preparing for a public listing, would only focus on crypto-related issues.

Consequent to that decision and announcement both internally and publicly, it stated 5% of her employees have left. While many praised Brian for the company’s position, so many thought otherwise dishing out their fair dose of criticisms to Coinbase. For instance, Jack Dorsey, Twitter CEO and a vocal supporter of Bitcoin said this following Coinbase decision tweeted,

“Bitcoin (aka “crypto”) is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at least acknowledge and connect the related societal issues your customers face daily.”

Jack Dorsey

Also, former Twitter CEO, Dick Costolo didn’t find Coinbase’s apolitical policy savoury.

“This isn’t great leadership. It’s the abdication of leadership. It’s the equivalent of telling your employees to “shut up and dribble.”

Dick Costolo

In fact, Costolo even went as far as inciting violence for those who may want to toe Coinbase’s path.

Coinbase loses 5% of its workforce as it decides to be an apolitical organization, workforce still diverse
Dick Costolo tweeted this and has since deleted the post which may complained violated Twitter’s terms of service.

Coinbase workforce still diverse amid losing 5% of employees.

While the controversy raged on and disinterested employees opting for a severance package, Coinbase workforce is still diverse. As per Brian Armstrong’s memo,

It was reassuring to see that people from under-represented groups at Coinbase have not taken the exit package in numbers disproportionate to the overall population.

Brian Armstrong’s memo to Coinbase employees

Although Brian admitted some people may still opt-out, he, however thinks the new policy has helped to strengthen Coinbase.

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