Serena Ventures, the VC firm of one of the most successful tennis players Serena Williams, has quietly removed the cryptocurrency exchange Coinbase from its firm portfolio list.
The question remains if this development is strongly related to the apolitical approach taken by the US-based digital asset platform.
Serena Ventures Removes Coinbase
Years after launching Serena Ventures, the tennis megastar described it in an Instagram post as a firm with “a mission of giving opportunities to founders across an array of industries.” The companies that Serena Ventures aims to invest in embrace “diverse leadership, individual empowerment, creativity, and opportunity.”
One of the firms that appeared under the section “our investments” on the VC’s website at the time was the popular US-based cryptocurrency exchange Coinbase.
The situation seems to have changed, as reported earlier by the Business Insider. The website of Serena Ventures has quietly removed the Coinbase logo from the list containing all firms the company has invested in.
Is It The Apolitical Approach?
The report hasn’t disclosed a particular reason behind the Coinbase removal. However, having in mind the VC’s company slogan and mission mentioned above, it’s safe to assume that it could have something to do with the new Coinbase apolitical approach.
As CryptoPotato reported before, Coinbase CEO Brian Armstrong posted that his company should remain focused on its mission and remove all external distractions. Armstrong urged company employees to steer clear from debating “causes or political candidates internally.”
This apolitical approach received lots of attention, with some agreeing with Armstrong’s vision, and others disputing his claims. It seems that Serena Williams’ VC may be from the second group as Coinbase has been removed shortly after the Armstrong blog post emerged.
At Least 60 Coinbase Employees Have Left
With the rising controversy surrounding the Coinbase apolitical views, Armstrong offered employees who disagreed with this company mission a “generous exit package.”
A few weeks later, Coinbase CEO updated the community that at least 60 employees (or 5% of the entire staff) had taken advantage of the package and left. He also added that another bunch was negotiating, and the number could increase.
Armstrong also admitted that Coinbase executives “could have done a better job” explaining how this apolitical culture would work in practice.