Coinbase Proposes Severance Package for Employees Not Aligned With ‘Apolitical’ Culture
Coinbase, the San Francisco domiciled crypto exchange, has offered a severance exit package to its employees who are not comfortable with the firm’s new ‘apolitical culture’ as signaled by its CEO Brian Armstrong over the weekend. Armstrong published an open letter on Sunday, noting that the firm will no longer engage in broader societal issues, but focus on the Coinbase mission instead.
In a follow-up letter shared by Coindesk, Armstrong has now said he is glad that the exchange is having a difficult conversation despite divided opinions by employees after clarifying the Coinbase culture. He highlighted that he is aware the Sunday blog may have unsettled some employees to the point of questioning their continuity as part of the Coinbase team.
With this in consideration, Coinbase is offering a severance package for its existing employees who feel they can no longer work under its newly clarified ‘apolitical culture.’ The exit packages on the table include six-month severance for employees with over three years’ experience and a four-month severance for those below this level. Also, they will get six months’ insurance via COBRA, a U.S government program, as well as a seven-year option exercise window.
The letter also mentions an upcoming AMA session on Thursday to further clarify the Coinbase cultural shift. After this, employees will have up to October 7 to have submitted their forms or be considered to agree with the new ‘apolitical culture’ and, therefore, ready to move forward as a Coinbase employee. Armstrong, however, noted that one does not have to agree with every aspect fully but committed to making the new direction a success.
Employees who feel like they would want to exit but not with the current package have since been advised to initiate discussions with HR,
“If you're interested in speaking with HR about this package (not committing to taking it, but beginning a discussion), please fill out this form, and someone will reach out shortly.
Your conversation will be confidential with HR unless you choose to include your manager. If you decide to proceed, HR will provide you with a separation agreement and work with you on your last day.”