60 Coinbase Employees Receive ‘No-Policy’ Takeover Offer

60 Coinbase Employees Receive 'No-Policy' Takeover Offer
Zoom in / Coinbase CEO Brian Armstrong.

Stephen Friedman / Getty Images

60 Coinbase employees approved the takeover bid after CEO Brian Armstrong announced a controversial new policy limiting political activity within the company. Armstrong revealed the number in A. Email on Thursday To employees.

Armstrong Announce the new policy Last week after a summer when several tech companies faced pressure from their employees to become more vocal on social justice issues.

“Although I believe these efforts are well-intentioned, they have the potential to destroy a lot of value in most companies, whether through distraction or by creating an in-house division,” Armstrong Books In a blog post dated September 27. “We’ve seen what an internal struggle in companies like Google and Facebook can do for productivity. And I think most employees don’t want to work in these contentious environments.”

The post sparked a backlash among liberals on Twitter, but Armstrong didn’t hold back. To show his seriousness, Armstrong offered Coinbase employees a generous bonus package – four to six months of salary – if they were not comfortable with the new policy.

“Life is too short to work in a company I’m not passionate about,” Armstrong Wrote.

Armstrong now says 60 employees have accepted the package. Armstrong says this accounts for about 5 percent of the company’s employees. Few employees are still in discussions with the company and may accept it in the coming days.

Armstrong wrote: “For those who have decided to move forward, I would like to thank you for your contributions to Coinbase and good luck.” “And for those who choose the next chapter, I want to thank you for your confidence and commitment to this mission.”

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Armstrong said that “people from underrepresented groups” at Coinbase did not accept the bid in disproportionate numbers. Armstrong said he is committed to “building a diverse and inclusive environment in which everyone feels they belong.”

And while Coinbase discourages most forms of political advocacy, Armstrong acknowledged with one exception: that the cryptocurrency itself is “political in nature.” Armstrong wrote that “it is okay to be a politician about this particular region because it is about our mission.”

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