Twitter CEO Jack Dorsey unveils Coinbase, a major U.S. cryptocurrency exchange letter To the staff posted on September 28th.
The letter, written by Coinbase CEO Brian Armstrong, explained why the company wanted to avoid political and social distractions and instead focus on its core mission of building an open financial system for the world.
The new direction has received strong support in some quarters and repulsed in others.
On Twitter post For 4.7 million followers, Dorsey claims that “Bitcoin (aka crypto) is a direct activist against an unverifiable, exclusive financial system.” He goes on to add that exchanges simply cannot ignore social issues.
# Bitcoin (Aka “Cryptography”) is a direct activism towards an unverifiable and exclusionary financial system that negatively affects many parts of our society. It is important to acknowledge and connect *at least* the relevant social issues that customers face every day. This leaves people behind. https://t.co/0LMlF1qcmG
Jack (@jack) September 30, 2020
Dorsey has long been actively involved in the cryptocurrency space, and Twitter itself has been criticized for favoring progressive over conservative political views in the arbitration process. However, Dorsey’s call for greater political participation was not well received by the crypto community as an overwhelming answer to agree with Armstrong’s approach.
Mike Solana, Vice President of Founders Fund, a venture capital firm Disagree Dorsey opposes “corporate trends that polarize political statements and move away from dramatic displays of cultural warfare”. Solana contrasts this non-political approach with Twitter’s business model and suggests Dorsey is “a man making hundreds of millions of dollars promoting political polarization.”
Adam Draper, son of famous cryptocurrency investor Tim Draper, compliment Coinbase approach, comparing Armstrong with Michael Jordan for a single minded focus on the development of the cryptocurrency sector:
“This is thought leadership. We get things done when we all focus on a unified mission. Brian is Jordan in his prime right now. If anyone sells Coinbase stock, I’ll buy it.”
However, Dorsey was totally unsupported.
Wow @jack It just worked: cryptocurrency is essentially about the social impact of finance and trust. This is an irreversible social problem, and politics is excellent! https://t.co/J4oBViMhz0
-Harry Halpin (@harryhalpin) September 30, 2020
Coinbase has offered up to six months of severance pay to all employees who fundamentally disagree with Armstrong’s position. “It’s always sad to see team members going, but it can be the best way for team members and the company.”
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