American crypto exchange firm Coinbase continues to suffer from an “exodus” among employees. The most recent Coinbase staffer to announce his exit is John Russ, the exchange’s Global Marketing head. John clearly states how his decision to leave the firm is because of its new “no politics in the workspace” stance.
In light of the decision @coinbase employees were asked to make by October 7th, I have decided to leave Coinbase. In my time leading Global Marketing, I have been fortunate to work alongside many great people and teams, especially our Global Marketing team. I wish all well!
— John Russ (@JRussII) October 14, 2020
Previously, Jeff Horowitz, Coinbase’s Chief Compliance Officer (CCO), and Andrei Anisimov, a senior software engineer announced their exit. Jeff’s resignation, however, is not because of the new apolitical stance.
Anisimov, on the other hand, did not disclose why he was leaving the company at this time. In a Twitter post, he only appreciated Brian Armstrong. He also thanked other people he worked with at Coinbase, disclosing that it is his last week with them.
This week was my last at @coinbase. An experience I’m truly grateful for – meeting all the great people, shipping amazing projects and having lots of fun. Thank you @brian_armstrong and @emiliemc for everything you do for employees and the industry!
— Andrei Anisimov (@anisimov_andrei) October 10, 2020
In total, the exchange has lost 5 percent of its workforce, as 60 out of 1,200 Coinbase employees have opted for an exit package.
Coinbase is apolitical
Weeks ago, Coinbase CEO Brian Armstrong had a crunch talk with his employees. He shared with them that the firm is a mission-focused company.
Armstrong explained to them that the firm does not advocate for a political candidate or course unrelated to their mission. He deems this to be a distraction from Coinbase’s mission.
Brian also said that some employees want companies to engage in a wide variety of social activism, even those unrelated to what the company does. The CEO said these activities have the potential to destroy a lot of value at most companies, by being a distraction, and by creating internal division, hence Coinbase remains apolitical.
The decision has sparked a lot of debate as it results in staff announcing their exit from the firm.
Armstrong says ‘silent majority’ supports apolitical stance
The CEO has also said that a “silent majority” of staff sided with him on this new direction.
However, an undercover report by media outlet Motherboard states otherwise. According to Motherboard – who got a leak from Armstrong’s ask me anything (AMA) session – staffers feared leadership would begin watching their every move and would monitor the team’s messages.
Motherboard also discloses that certain employees believe that their freedom of speech is being stifled. This is despite the apolitical stance being supported by other executives.