San Francisco-based cryptocurrency exchange Coinbase is losing about 5%, about 60 of its employees following its mandate barring political activism at work.
Chief executive officer Brian Armstrong shared this on Thursday in a blog post where he said these employees had accepted an exit package offered to employees who are bothered by the policy. The number is further expected to grow.
“There are a handful of other conversations still ongoing, so the final number will likely be a bit higher,” Armstrong said in the post.
He further added it was “reassuring” that minority groups at the company haven’t taken the exit package disproportionately.
In late September, Armstrong told employees that generous severance packages are offered to those who don’t want to comply with the prohibition on activism at work — the latest rules are basically designed to make the company apolitical.
In his latest blog, however, Armstrong clarified, “We have just made a decision to not engage in broader activism as a company outside of our mission.”
This means conversations about current events related to work are permitted, and employees are allowed to be political about this one particular area – cryptocurrencies.
This is because “it relates to our mission,” Armstrong added.
This clarification came after Twitter CEO Jack Dorsey called out Amstrong for his move, which he said is in direct opposition to what bitcoin and cryptos stand for.