A blockchain to make its salary policy transparent in order to avoid any suspicion of discrimination: players in the new finance sector to lead the way! Coinbase employees are reportedly discriminated against on the basis of their gender and race.
Sexism and Racism: Old Practices in New Finance
According to an article in New York Times of December 29, 2020 written by the journalist Nathaniel Popper, Coinbase would not compensate its employees fairly. Some employees are said to be victims of discrimination based on gender and race.
According to 2018 data, black employees at the company would receive 7% less than people in similar jobs, an average difference of $ 11,500 in pay.
Male executives of Coinbase would earn 20% more than their female counterparts.
Popper emphasizes that these wage disparities are more significant within Coinbase than in the crypto industry as a whole.
Coinbase: white as snow?
One of the managers Coinbase, L.J. Brock, assured that these allegations were false.
In an internal email posted to the company’s blog on December 29, 2020, Coinbase indicates that he has taken significant steps to ensure fair and transparent performance pay since 2018.
Brock claims that all eligible employees received a 3% salary increase in 2019.
The number of employees increased from 830 in 2018 to more than 1,000 in 2020. Coinbase would be committed to eliminating bias in internal processes and, pay equity is seen as essential to ensure results.
Coinbase has already found itself in the spotlight when it comes to race issues when its CEO, Brian armstrong, said in October 2020 that the exchange would adopt a “non-political culture,” offering severance pay to employees who disagree with this position. Coinbase reportedly lost around 5% of its workforce after these statements.
Coinbase has a vested interest in resolving its pay equity concerns ahead of its possible IPO. Brian Armstrong and his team are currently playing the “it’s my word against yours” game in the face of reporter Nathaniel Popper’s accusations. Old habits – especially the bad ones? – have hard skin. Let the cryptosphere not blame the crypto-skeptics for continuing to defend the dollar and abusive decisions by governments on their monetary policy, if its members also fail to break free from unethical medieval practices.
Litecoin, welcome in the Silver Age