Coinbase is losing five percent of its employees

Coinbase CEO Brian Armstrong prohibits its employees from participating in any political discussion. This causes outrage on social media platforms. Around 60 employees took advantage of the exit package that Coinbase offered after the controversial publication of its corporate mission.

Brian Armstrong, the head of the crypto exchange Coinbase, published another blog post on October 8thregarding the company’s “mission”.

In this he explains that employees who do not agree with the company’s mission are allowed to leave the company with a generous severance payment

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The post published on Thursday followed his controversial first blog post. Therein established some rules of conduct for its employees. By banning all political discussions at Bitcoin Code, he caused an uproar on all social media platforms. Big figures like Jack Dorsey, the CEO of Twitter, criticized him heavily for this attitude.

Armstrong clarified Coinbase’s mission to create an open global financial system. In order to achieve this goal, employees should stay out of all political discussions. They want to achieve an indispensable focus on the company’s mission. Any distractions from this goal are undesirable.

A company that operates for profit can achieve the greatest influence, according to Armstrong. He went on to say that profit is not the company’s only goal. Growing income and profits are only a means to an end in this regard. Coinbase needs a work environment that welcomes everyone. Otherwise it is not possible to attract team members and keep them in the company.

Will Coinbase grow out of the crisis?

All employees who do not agree with this decision are invited to leave Coinbase with a generous severance payment. According to his second blog post, that’s 60 employees so far – around five percent of the entire company. However, not all negotiations have been concluded yet. Expect the final odds to be a little higher.

This entry was posted on 10. October 2020, in Bitcoin. Bookmark the permalink.