Briefing

Coinbase may lose about eight per cent of staff over apolitical stance

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CEO Brian Armstrong said in an email to staff Thursday that 60 employees, or five per cent of staff, decided to accept the severance package offered to those who wanted to leave after the company announced rules against political engagement. A source told Bloomberg the number of staff who’ve expressed interest is higher, though the total who will leave isn’t expected to be that high. (Bloomberg)

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Talking point: The San Francisco-based crypto company offered the severance package in late September after adopting a mostly apolitical stance, including asking employees to avoid debating causes or political candidates at work. Armstrong’s email tried to clarify what he called “misconceptions” that have come up since the company announced its policy, and said employees can “have conversations about recent events,” but that the company will not engage in “broader activism” outside its mission. Armstrong said there were “a handful of other conversations still ongoing,” and that the final number of departures would likely be somewhat higher than 60. He also addressed concerns that underrepresented minority groups at Coinbase would take the packages in disproportionate numbers, saying that has not been the case.