Coinbase Biased Hiring Blasted By New York Times

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Coinbase is taking so many hits as of late, it almost looks coordinated.  Earlier this week, after a month long rally, Bitcoin took a breather that most of us who’ve been watching events for a long time, recognized as a simple profit taking, or a small correction if you will. Although the move from $19k to $16k would give many stock market traders heartburn, crypto enthusiasts know this is just one of those things that happens from time to time. No biggie as they say. Only it was to be expected that Coinbase would crash, as it indeed did.

After Satoshi Nakamoto’s coin settled on a level between $16k to $17k again, we’ve been eager to see where it will go next. At the same time, we are also wondering what exactly set off that rushed exit after the Bitcoin price almost hit it’s all time high.

One possible explanation lies in the fact that the Coinbase CEO, Mr Brian Armstrong, warned the market three days ago that the outgoing Trump administration would implement rather harsh tracking rules in order to chase all those that have made some money in trading Bitcoin this year.

In Armstrong’s polished marketing messaging tweets, this became :

This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet.

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Coinbase hiring issue

It was just one more thing for Coinbase, that has not had a stellar year in the cryptosphere altogether. From regular outages over to their CEO’s unwillingness to take a political stand during the 2020 election (something for which the CEO of Ripple, Brad Garlinghouse, and the CEO of Square, Jack Dorsey, both criticized him) or even during the George Floyd protests, Brian Armstrong will certainly be wishing this year passes soon.

That is before the New York Times, the world’s biggest newspaper, dropped a bombshell investigation in which it claimed that the most valuable U.S. cryptocurrency company, has faced many internal complaints about discriminatory treatment.

In a long and detailed article, the newspaper explained how black employees face constant discrimination at the company, with the example of 25 year old Ms Alysa Butler, who stated:

Most people of color working in tech know that there’s a diversity problem. But I’ve never experienced anything like Coinbase.

That taunt by Square boss Jack Dorsey back in October sure looks like it’s coming to haunt Mr Armstrong.

burdun / Depositphotos.com