Coinbase faces employee bleeding after ‚apolitical‘ stance on cultural upheaval in US

Coinbase CEO Brian Armstrong publishes more details about his company’s changes.

After announcing a change in company policy, the popular US-based Coinbase crypto exchange has just suffered a setback, with some of the exchange’s employees publicly disagreeing with the changes in the company.

„In the near future, we have decided to make a generous exit package available to any employee who feels they cannot agree to our path,“ Coinbase CEO Brian Armstrong said in a post on the exchange’s official blog on October 8.

The CEO also sent all employees an email about what happened, with an explanation of the attached post.

The content of the email indicated that 60 employees of the exchange stated that they wanted to leave the company, which is approximately 5 percent of the company’s total staff. In addition, other employees expressed interest, although they have not yet taken the final decision, in leaving.

Armstrong said that despite concerns about cultural change disproportionately affecting the company’s „under-represented minority population,“ people from such groups did not accept the compensation package offered, which he said contained „disproportionate numbers.

Among clarifications to employees, Armstrong noted that employees should not pretend that politics does not exist and that cryptomyces form an apolitical industry. However, he argued that: „Yes, we are fine being politicians in this particular area because it is related to our mission“.