It seems that Coinbase wants to suppress political activism, and even propose a good exit for employees who do not agree with this line of thinking.
Twitter’s CEO, Jack Dorsey, harshly criticised the well-known US exchange Coinbase for an open letter sent to employees, which went public on 28 September.
The document, written by exchange CEO Brian Armstrong, explained why the company wanted to avoid getting involved in political and social debates, preferring instead to focus on its main objective: building a financial system accessible to the world.
On Twitter, where it has 4.7 million followers, Dorsey stated
„Bitcoin (as a crypto) is a form of activism that is hurled against an unverifiable and exclusionary financial system“.
Dorsey also added that the exchange cannot simply ignore social issues, as this would lead to the marginalisation of some of its clients:
„I think it is important *at least* to recognise and understand the social problems that clients face every day. Otherwise, the risk is to marginalise some people“.
Dorsey has long been very involved in the crypto world, and Twitter itself has been criticised for favouring progressive political views over conservative ones in its moderation process. But Dorsey’s call for greater political commitment was not well received by the community, as an overwhelming number of commentators seem to agree with Armstrong’s approach.
The vice president of the venture capital firm Founders Fund, Mike Solana, also criticized Dorsey’s statements. In his view, the Twitter founder’s approach „represents a corporate trend: exploiting polarizing political statements and obvious manifestations of cultural warfare. Solana was thus harshly critical of Twitter’s business model, suggesting that Dorsey is in fact „a man who makes hundreds of millions of dollars fuelling political polarization.
Adam Draper, son of the famous crypto investor Tim Draper, praised Coinbase’s approach, comparing Armstrong to Michael Jordan for having the progress of the crypto industry as his sole objective:
„This is true leadership. We only make progress when we are all focused on a common mission. Brian is like Michael Jordan in his best years. If someone wants to sell Coinbase stock, I’ll buy it.“
But Dorsey also received positive feedback:
„@jack has fully grasped the point: cryptocurrency is intrinsically linked to the social impact of finance and trust. These are real social issues, that’s politics par excellence!“
Coinbase has offered any employee who does not totally agree with the position expressed by Armstrong a six-month payout. The email added:
„It’s always sad to see teammates leave, but it might be better for them and the company.
Translated with www.DeepL.com/Translator (free version)