Coinbase wants to get rid of politically committed employees

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The crypto broker Coinbase relies on an apolitical working environment. For this reason, he offers a generous severance package to employees who want to get involved in social and political issues at work.


MIKE CLARKE/AFP/Getty Images


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MIKE CLARKE/AFP/Getty Images


?? Coinbase employees should focus on the “mission”

?? No social and political discussions

?? Compensation package for activists

“This year there have been many difficult events in the world: a global pandemic, lockdowns, social unrest, widespread protests and rioting, and forest fires on the west coast. In addition, the US is facing a controversial election.” Coinbase CEO Brian Armstrong is launching a blog post aimed at the public. In the following he announces a new strategy: “Company first”.

No politics

For him this means: “We will not advocate any political issues or candidates internally that have nothing to do with our mission, because this is a distraction. Trading Bitcoin with Plus 500 – that’s how it works. 76.4% of retail investor accounts lose money when using this provider Trade CFDs. You should carefully consider whether you can afford the high risk of losing your money. – Even if we all agree that something is a problem, we do not have to agree on the solution as well. ”

Although it is customary in Silicon Valley for companies to get involved socially, he consciously opted for a different approach, because such activities are “well-intentioned, but have the potential to destroy a lot of value in most companies because they to distract from tasks and divide internally “.

In view of the upcoming presidential election and the Black Lives Matter protests, Armstrong fears for the peace of the company: “I don’t think most people want to work in a polarized environment,” wrote the boss and co-founder of the cryptocurrency trading center. Since a more libertarian worldview that rejects the state is common in the crypto scene, Armstrong’s new attitude could possibly be positively received by many.

Focus on work

Instead of political and social debates, Armstrong wants Coinbase to be “laser-focused” on achieving its mission. The focus of the US crypto exchange is on the spot market of Bitcoin and Co., but Coinbase also includes cryptoCredit cards and interest rate deals in the eye. The overall goal is “to create an open financial system for the world”. Therefore, Coinbase will at best position itself politically on laws in connection with crypto currencies, announced the CEO.

Severance pay program

Brian Armstrong is well aware that this new approach could also trigger displeasure among politically active employees and even lead to resignations. After all, the San Francisco-based company employs more than 1,000 people to look after around 35 million customers worldwide. “Life is too short to work in a company that you are not enthusiastic about,” he says sympathetically.

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In an internal email, he even advised such employees to leave the company and in this case offers them a golden handshake: If you want to remain an activist, you can leave Coinbase and receive a severance payment of four or six months’ wages, depending on the case whether you have been with the company for up to three years or more. The company will also pay for health insurance for another six months.

Armstrong’s new strategy has so far received very controversial public opinion. He received a lot of praise for this, but also had to take a lot of criticism. It should be interesting to see whether other companies will follow the example of Coinbase.Redaktion finanzen.net

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