coinbase ceo brian fact check coinbasearmstrong

It’s still unclear whether the move was in connection with Armstrong’s memo or Coinbase’s new policies.

⚡ Get Ahead

The loss of 60 employees may not strike a huge blow to Coinbase, but it’s a telling sign that those employees would rather join the 12.6 million unemployed Americans than continue to work for Armstrong. The company is doing well overall,hitting a valuation of $8 billionafter a recent $300 million fundraising round.

Armstrong has been supported as well as vilified by the tech world, which, at least as far as Silicon Valley is concerned, is mostly liberal. Investor Paul Graham came out as a vocal supporter of the new policy,saying in a tweet, “I predict most successful companies will follow Coinbase’s lead.


According to Armstrong, the 60 who left constitute a 5% loss in Coinbase’s workforce.

⚔️ Big Picture

  • Armstrong’s memo could have been influenced by a previous incident: During a company-wide meeting in June, Armstrong refused to say “black lives matter”, which prompted a virtual walkout by some employees.One employee told Business Insiderthat it was the recent memo that led to 60 employees quitting rather than the “black lives matter” incident. According to the report, Coinbase employees didn’t think of the company as a particularly political place to work at before the memo.
  • Last week, tennis player and venture capitalist Serena Williamsremoved all mention of Coinbasefrom her VC site.
    Her husband, Reddit cofounder Alexis Ohanian, is also an investor in Coinbase.

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Costolo’s argument, Costolo replied that “me-first capitalists” will be the “first people lined up against the wall and shot in the revolution.” Costolo, whose personal fortune is estimated at $300 million, added that he would “happily provide video commentary.”

Now, Wired has outlined the reaction to Armstrong’s decision by Coinbase employees, some of whom support Armstrong’s move against wokeness:

On Tuesday, Armstrong further upped the ante, offering severance packages for any employees who disagreed with the company’s “new direction.” (The email was first published by The Block.) Staff were given one week to either jump ship or get on board with the vision, however they interpreted it.

Those actions—taken, in large part, with public flourish—have made Armstrong a lightning rod in a Silicon Valley culture war, set against a broader American one.

NJ Skoberne took to Twitter to express his case:

“As the guy that literally set up the affiliate program in 2019, shutting it down has nothing to do with liquidity.”

From what I’ve learned, NJ Skoberne is not alone. Multiple onlookers think the same thing: shutting down an affiliate program does not mean liquidation.
All of the industry experts I spoke with thought the rumors were just that – rumors.

For example, Dan Ashmore, a data analyst from Coinjournal.net, thinks the shutting down of the affiliate program doesn’t signal a liquidity crisis but in fact may be a symptom of the larger bear market in crypto.

Brian Armstrong, co-founder and CEO of cryptocurrency company Coinbase, wanted to divorce politics from his company. It backfired.

In a recent memo, Armstrong outlined where Coinbase stands in terms of company culture and politics: “We are an intense culture and we are an apolitical culture,” he wrote.

He followed up by offering a severance package for any employees who wished to leave the company if they didn’t agree with its mission. 60 employees took the offer, with more still in talks to leave.

💎 Data Digs

Currently, Coinbase has around 1,420 employees, and that number has been steadily increasing throughout the year. The chart doesn’t necessarily reflect the loss of the 60 employees, most likely because many of them may not have updated their LinkedIn profiles.

Excited to keep building and shipping awesome products during down markets – this is where we get our best work done.”

Echoing Armstrong’s sentiments, Jeff Schumacher, CEO and founder of NAX, thinks that this is a great time for Coinbase to build. “Back in 2018, Coinbase made impressive inroads in obtaining market share and were able to go public because of their efforts. Now they are looking for ways to create better value for their shareholders”.

But what if it did?

Not to wish any ill, but what happens to the burgeoning cryptocurrency space if an exchange like Coinbase shuts down? Analysts like Ashmore think that if this hypothetical were to become a reality, Coinbase’s disappearance would be a “hammer blow” to the industry.

Upon hearing the news of cutbacks facing the affiliate program, some people seemed convinced on Twitter that a liquidity crisis is on the horizon.

These liquidity-related speculations may have led to the $248 million worth of stablecoins that were withdrawn from the exchange over a single day. The figures below show the total amount of stablecoins in reserve over the last two years.
Coinbase seems to be experiencing a draw down trend while Binance’s reserves are on a steady rise. On July 15, Coinbase lost 50% of its stablecoin reserves, whereas Binance lost 1% on the same day.

Source: CryptoSlate

False alarm?

Despite growing concerns, multiple people have risen up to defend Coinbase.

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Wired magazine recently outlined the internal turmoil at cryptocurrency exchange Coinbase following CEO Brian Armstrong’s declaration that political discussions were to be kept outside of the office, giving employees a week to agree or leave. His direct refutation of the tech industry’s woke capitalism left his employees in an uproar.

In a recent article titled “The Turmoil Over ‘Black Lives Matter’ and Political Speech at Coinbase,” Wired outlines the internal reaction to CEO Brian Armstrong telling employees to keep social justice and political issues out of the office, giving them the option of leaving the company if they disagree.

Breitbart News recently reported that former Twitter CEO Dick Costolo took issue with Armstrong’s decision to not promote political activism and social justice within the company.

According to leaked emails, Coinbase is temporarily shutting down its affiliate program. The emails were received by two creators and shared with Business Insider, which was where they were originally published.
The emails show that the payment plans being offered by Coinbase now are significantly smaller than previous ones.

According to the leaked text: “This has not been an easy decision, nor was it made lightly, but, due to crypto market conditions and the outlook for the remainder of 2022, Coinbase is unable to continue supporting incentivized traffic to its platform.”

The emails added fuel to the intrigue already surrounding the company due to its decision to phase out Coinbase Pro and to merge its USD and USDC ledgers to facilitate deeper liquidity.

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