Business Maverick

Business Maverick

Coinbase to Lose Dozens of Staffers Over Ban on Politicking

Coinbase Inc., the cryptocurrency exchange, is losing about 60 employees who balked at a management mandate barring political activism at work.

Coinbase Chief Executive Officer Brian Armstrong said Thursday in a blog post that about 5% of Coinbase employees had accepted an exit package offered to staffers bothered by the policy, and that the number will probably grow.

“There are a handful of other conversations still ongoing, so the final number will likely be a bit higher,” Armstrong said, adding that minority groups at Coinbase haven’t disproportionately taken the exit package.

Around 8% of staffers had expressed interest, according to a person with knowledge of the matter who asked not to be identified, but the total isn’t expected to reach that high.

Armstrong told employees in late September that he was offering generous severance packages to those who didn’t want to comply with his prohibition on activism at work. Many staffers were shocked by the new rules, which were designed to make the company apolitical, and some were concerned that Armstrong was trying to stymie discourse that they said should be happening.

In his blog, Armstrong clarified that conversations about current events related to work are permitted.

“We have just made a decision to not engage in broader activism as a company outside of our mission,” he said. Being political about cryptocurrencies is allowed as well “because it relates to our mission,” he added.

The polarizing 2020 campaign, epitomized by last week’s acrimonious presidential debate, has left many companies struggling to stay above the fray. That may be especially hard for crypto companies, many of them started by libertarians looking to escape government influence by using digital coins.


Comments - Please in order to comment.

Please peer review 3 community comments before your comment can be posted


This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.

Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Daily Maverick Elections Toolbox

Feeling powerless in politics?

Equip yourself with the tools you need for an informed decision this election. Get the Elections Toolbox with shareable party manifesto guide.