60 Coinbase staffers take exit package over no-politics stance

60 Coinbase staffers take exit package over no-politics stance

Around 60 of Coinbase's 1200 employees have taken up CEO Brian Armstrong's offer of an exit package for those unhappy with the cryptocurrency exchange's policy of keeping out of political and societal issues such as the 'Black Lives Matter' movement.

In a memo to staff also published on Medium, Armstrong revealed that five per cent of the workforce took up the "generous separation packages" before this week's deadline to register interest.

Says the memo: “I know there have been many difficult conversations happening to help clarify what our apolitical culture means in practice. It’s been great to see the whole team come together to reach understanding here, and support each other through it. It’s not easy to get through, but I think it will result in us having a stronger and more united team."

Armstrong's memo says that "people from under-represented groups at Coinbase have not taken the exit package in numbers disproportionate to the overall population".

Among those leaving is Dan Yoo, VP, business and data, who revealed on LinkedIn that he is taking the package.

Armstrong made the exit package offer after a backlash against his public declaration that the cryptocurrency giant will keep out of political and societal issues. That decision was made in the wake of a reported walkout by some engineers in response to the CEO's refusal to make a statement on the Black Lives Matter movement.

The move sparked a heated debate  in Silicon Valley, with many, such as Y Combinator co-founder Paul Graham backing Armstrong but others, most notably Twitter chief Jack Dorsey, criticising him.

In his latest missive, Armstrong addresses Dorsey's argument that crypto is inherently political, writing: "Yes, we are ok being political about this one particular area because it relates to our mission."

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