The head of the company personally addressed the team members with an explanation of his vision of the situation.
Popular digital asset exchange Coinbase has asked employees who disagree with the company’s recently adopted policy and mission statement to leave. According to representatives of the organization, “life is too short to work in a company that you do not like.” CoinDesk writes about it.
Coinbase proposes to separate peacefully
Coinbase CEO Brian Armstrong sent a letter to the project staff to clarify the issue. The head of the company drew attention to the fact that team members who disagree with the mission and policy of the organization can expect to receive severance package for four months and extend insurance for six months. A screen of the letter appeared on the web. Its authenticity, according to CoinDesk, was confirmed by people familiar with the situation.
Brian Armstrong’s letter to company employees
The reason for the disagreement within the organization was an attempt to limit the topics that the Coinbase team focuses on. In particular, Brian Armstrong decided to refuse to participate in the discussion of political issues. An exception, according to the company’s blog, may be situations that directly relate to the development of the cryptoindustry. Also, the Coinbase team, according to the new rules, should not take part in resolving sensitive social issues.
Brian Armstrong defined the company’s mission as “building infrastructure for the cryptoeconomy.” Topics that go beyond the designated area, in his opinion, should not concern the organization.
The head of the company advised his employees to engage in activism outside of working hours. For those who disagree with this position, he recommended leaving Coinbase. The collection of applications for dismissal will be completed on October 7, 2020. After the deadline, all the remaining employees, according to the decree, automatically sign an agreement with the new work rules.
The ironic side of the issue
It is noteworthy that the Coinbase team made the decision to become an apolitical company amid active cooperation with American regulators. In the summer of 2020, the organization sold Coinbase Analytics, a digital asset tracking tool to the US authorities. At the same time, the small amount of the transaction made the participants of the crypto community think about the true reasons for the exchange’s cooperation with regulators. The Block analyst Larry Cermak suggested that the “discount” is nothing more than an attempt by Coinbase to curry favor with the authorities on the eve of a possible IPO.
The provision by the exchange of tools for controlling crypto operations also became an occasion for discussing the company’s relationship with regulators. In particular, members of the crypto community asked questions about what kind of information Coinbase shares with the authorities. Recently, the Electronic Frontier Foundation (EFF), a not-for-profit digital rights advocacy group in San Francisco, called on the trading platform team to “show their cards” and provide reporting on government requests. There was no any response to this request.
At the time of this writing, there is also no information about the reaction of the employees to the offer.