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Coinbase apolitical stand set to plunge exchange into crisis

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Coinbase Exchange is on the brink of crisis after CEO, Brian Armstrong told staff that the firm remains apolitical.Coinbase apolitical stand has led to the resignation of 5 percent of the exchange labour force.

More importantly, about 3 of the firms executive staffs have also announced their exit in the mix of Armstrong’s apolitical stand.

However, Armstrong does not believe Coinbase apolitical stand is having any adverse effect on the company. The CEO is of the mindset that the silent majority supports the position, which is not the case. Other executives believe that Coinbase apolitical position is right for the firm.

Coinbase apolitical stand why for what?

Coinbase CEO ahead of the US election set priorities right for his staff. He reinformed them of the firm’s mission and what is obtainable working for the top American exchange firm.

In his address, Armstrong mentioned that firms get involved in social activism, even those unrelated to what the company does. The CEO said such actions destroy values at companies and distract them by creating internal division, hence Coinbase remains apolitical.

The action has sparked a lot of debate and lead to Coinbase staff and executives leaving the firm. Jeff Horowitz, Coinbase Chief Compliance Officer (CCO), however, is not leaving based on Coinbase apolitical stand according to other sources.

Others who have left Coinbase after apolitical stand

Although Jeff is said to be leaving Coinbase for other reasons, John Russ, Coinbasr global marketing head stated he is leaving because of the firm’s new “no politics in the workspace” stance. Similarly, Andrei Anisimov, a senior software engineer at Coinbase, announced his exit without stating why he chooses to leave.

Outside these executive officials, 60 out of 1,200 Coinbase employees have taken the exit package. This accounts for 5 percent of Coinbase workforce leaving over a social decision.

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 10/17/2020

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