‘Tokenized’: Black Workers Struggle Inside Coinbase

The next day, Mr. Armstrong, 37, summarized the tone of what he had heard. “There was just the spread of this, like, why doesn’t the company have my back?” He said in a staff meeting, according to a recording of the session shared with the New York Times. In a company email sent later, which was also shared with The Times, he agreed to revamp the diversity and inclusion plan and enhance the advice.

But in September, Mr. Armstrong published Public blog post Asking employees to leave concerns for issues such as racial justice at the door. He said the company adopted diversity, but required employees to focus on the mission of Coinbase’s benefits and advancing cryptocurrency. He said that if he did not agree, he should resign.

Mr. Armstrong wrote, “When the issues are not connected to our original mission, we do not engage here.”

The post gave an immediate shock to the employees. Lauren Lee, who was responsible for diversity and inclusion, said, “If it’s just a token in recruitment points and not really improving the sense of belonging and psychological safety, then why stay and try in this job “. Times.

Ms Lee, who did not respond to requests for comment, resigned last month. So there are at least 60 others.

Mr. Ernstong, a former Airbnb engineer, and Fred Ehrasam, a former Goldman Sachs trader, founded Coinbase eight years ago to provide a location to buy and sell cryptocurrencies. He built a start-up as a cryptocurrency leader, earning money by taking fees on trades levied by his clients. (Mr. Ehram gave up day-to-day operations in 2017.)

Today, Coinbase is riding a new wave of interest in cryptocurrency, with its value Virtual currency bitcoin Approaching a new high, investors increasingly consider it as a gold option.

Currently and former employees stated that much of the culture of Coinbase stems from around Bitcoin. Bitcoin, which embodies a liberal philosophy that plagues the people of mainstream institutions, has attracted a generation of fans “Crypto Brothers.” Facing criticism for sowing, many people have propagated a male-dominated way of life. Casteism And Gender discrimination.

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