Victor Ugochukwu · Dec 14, 2020 . 5min read
Serena Williams Ventures removes Coinbase from its site, a reaction to the firm’s apolitical stance?
The Serena Williams Venture firm's decision of Coinbase's removal from its portfolio appears without any official statement.
By Victor Ugochukwu · Oct 14, 2020 . 6min read
It looks like not only employees who are not comfortable with Coinbase’s recent public statement on its apolitical stance but also investors. It appears that the veteran tennis player, Serena Williams’ Ventures has divested from Coinbase as it quietly pulls the exchange’s name as part of its portfolio companies.
Business Insider was the first to report on this development late Monday. Superstar Serena Williams quietly launched Serena Ventures in 2014.
It was only last year that the Ventures made its investment in Coinbase public. As displayed on its website,
I launched Serena Ventures with the mission of giving opportunities to founders across an array of industries. Serena Ventures invests in companies that embrace diverse leadership, individual empowerment, creativity and opportunity.
Perhaps, with about 5% of Coinbase’s workforce already taking the exit option, Serena Ventures’ core philosophy doesn’t resonate well with Coinbase’s mission anymore.
Meanwhile, Brian had earlier assured the remaining workforce and the entire public that Coinbase is still as diverse as ever. Nevertheless, Coinbase’s decision continues to draw very harsh criticisms among many. This even becomes more noticeable in an era where companies and corporate executives get easily “cancelled” for their political views. Many high profile executives have had to either apologize or even retracted their earlier political stance on issues due to pressure from the public. Even Brian had to lend his voice to the Black Lives Matter movement that swept through the world, albeit “unwillingly”.
Serena Ventures surreptitious removal of Coinbase from its website may be sending a strong signal across.
Rumours already have it that Coinbase is prepping itself for a possible IPO anytime soon. Interestingly, Coinbase is a Crypto Unicorn with at least $8 billion valuations. With an upcoming IPO, some early investors look forward to the “cashout” day. But at this age, even activism and solidarity to broader societal and sometimes controversial issues could matter more. As Brian Armstrong reiterated that Coinbase is a profit-driven organization, some even investors may prefer a well-rounded organization.
Nonetheless, Serena Ventures didn’t disclose its investment figure into Coinbase. However, for removing Coinbase from its website, others may see it as a bold move and could follow suit. Meanwhile, we must note that Serenna Ventures have not given reason for its delisting of the exchange from its website.
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