Coinbase will not take part in political issues, let alone in the US elections. A philosophy that does not like Jack Dorsey who in a tweet has challenged the CEO of Coinbase Brian Armstrong:
„Bitcoin (aka crypto) is activism directed against an exclusive and unverifiable financial system that is negatively affecting much of our society. It is important at least to know and connect with the social issues that clients face every day“.
The tweet ends with a „This leaves people behind“ referring to the Coinbase blog post in which Brian Armstrong expressed the mission of his exchange.
Coinbase’s post that Jack Dorsey did not like
The article by Brian Armstrong is entitled: „Coinbase is a mission focused company“.
In it the CEO explains what Coinbase will do to take part in the challenges of these difficult times:
„I want Coinbase to be laser-focused on achieving its mission, because I believe this is the way we can make the biggest impact on the world. We will do it by playing as a league team, focusing on building and being transparent about what is and is not our mission.
Coinbase and its employees must be focused on building great products, recruiting talent, promoting good practices, creating an inclusive environment. While, writes Armstrong, they focus less on:
Political decisions, particularly if they are outside the scope of cryptocurrency,
No-profit work, because „we are a profit-business“, and Armstrong adds: „we don’t have to be ashamed to make profits“,
Wider social issues,
In this regard, Armstrong says:
„We do not support special causes or internal candidates that are not related to our mission, because it is a distraction from our mission. Although we all agree that something is a problem, we may not all agree on the solution.
For the CEO of Twitter, on the contrary, cryptocurrencies are born to change the financial system and with it also involve and overwhelm political issues. That’s why one of the world’s largest cryptocurrency service providers cannot remain detached.
As Jack Dorsey explains in a later comment,
„There are real problems that real people who use these services every day experience. Why shouldn’t we recognize them and connect them with our mission? We don’t ask for solutions, but as we connect the problems the solutions become clearer“.
And he adds more:
„I imagine that many employees are also customers. The post states that the debate on the issues will not be allowed. It seems chilling and against the relevance for the wider public“.
Brian Armstrong does not seem to have responded at the moment.
The discussion then turned to another issue, this time less social: what cryptocurrency does Jack Dorsey have?
To Udi Wertheimer who provocatively wrote that maximalists should realize that Jack Dorsey also has ETH, Dorsey replied: