Coinbase has lost 60 people from its 1,200-person staff after an updated mission statement from CEO Brian Armstrong sparked fierce debate over how companies should respond to todayâs charged politics.
In a companywide memo obtained by CoinDesk, Armstrong informed employees that 5% of the companyâs workforce had accepted the severance package offered last week. The deadline for employees to signal their interest in the package was Wednesday, and Armstrong said he expects the number to be higher after a âhandful of other conversationsâ are completed.Â
âI know there have been many difficult conversations happening to help clarify what our apolitical culture means in practice,â Armstrong wrote. âItâs been great to see the whole team come together to reach understanding here, and support each other through it. Itâs not easy to get through, but I think it will result in us having a stronger and more united team.â
Armstrong said the company could have done a âbetter jobâ helping Coinbaseâs operating group and managers understand the new mission. He also said the exit package had been taken primarily by people who were not part of Coinbaseâs âunder-represented minority populationâ and that Coinbase would âcontinue to keep a close eye on this to ensure we are building a diverse, inclusive environment where everyone feels they belong.â
One employee at the firm, who spoke with CoinDesk on the condition of anonymity, said the severance package was taken mostly by engineers â as opposed to less-mobile employees like customer support. Another source speaking on the condition of anonymity said the departures were pretty evenly distributed.
Iâm worried that the severance package was too good.
Another employee was surprised to hear the number of people who had left. âIâm worried that the severance package was too good,â he said.Â
Read more: Coinbase Offers Severance Package to Employees Unsatisfied With âApoliticalâ Mission
In his Thursday memo, Armstrong also clarified that the new mission would not mean employees donât have to âpretend politics donât exist.â
âWe support each other through tough times and also have conversations about recent events like any team,â Armstrong wrote in the memo. âWe have just made a decision to not engage in broader activism as a company outside of our mission.â
While itâs clear that employees are not allowed to talk politics in general Slack channels and have to set up separate non-general channels to talk politics, itâs not clear what counts as political and what counts as apolitical. As CoinDesk reported Friday, employees were told a #spaghetti-monster-for-president Slack channel would be in keeping with the new policy.
Read more: Coinbase Employees Have Begun to Take Severance Packages
âThereâs not been any real clarity since last week,â one engineer said. âNo one in leadership seems to be able to define it since theyâre in the same boat as the rest of the employees, trying to pull meaning from Brianâs limited statements.â
Armstrong said in the memo he recognizes that what counts as politics is âa blurry line.â
âOur goal is not to look for violations, but rather to support employees in adapting to these clarified expectations,â he wrote.
Armstrong also said the cultural norms at Coinbase will be re-articulated and clarified in the future as the company scales.Â
âIâm excited to be moving forward as #OneCoinbase to pursue our vision of economic freedom for every person and business,â he concluded.
Zack Seward contributed reporting.