After sharing a new apolitical company mission last week, Coinbase CEO Brian Armstrong admitted that 5% of employees have left, and "a handful of others" are in talks of leaving.
About 5% (or 60) employees of Coinbase have taken advantage of the “generous exit package” the exchange offered to anyone who disagreed with the company politics.
According to the recent update shared by Coinbase CEO Brian Armstrong, the company executives “could have done a better job” in clarifying how the apolitical culture would work.
This led to confusion among employees, which had many difficult conversations about “what our apolitical culture means in practice.”
Armstrong also admitted that the number of leaving employees could increase, as “there are a handful of other conversations still ongoing,” even though the deadline has passed for people taking the exit package.
Coinbase CEO noted that he was worried regarding the effects on people from the under-represented minority population. However, their reaction was rather promising:
“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.”
Despite the number of people leaving the exchange, Armstrong believes that it will ultimately help the entire team to come together and be stronger and more united than before.
Brian Armstrong initially posted the “mission-focused and apolitical” company goal last week. The message received controversial responses from numerous famous individuals, including Twitter CEO Jack Dorsey. Dorsey openly disagreed, saying that Bitcoin and the cryptocurrency field is “direct activism.”
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn