The narrower interpretation is how I intended the mission to be understood. I don’t think companies can succeed trying to do everything. Creating an open financial system for the world is already a hugely ambitious mission, and we could easily spend the next decade or two trying to move the needle on global economic freedom. We will keep building the most trusted and easiest to use financial products that help people access the cryptoeconomy, so everyone can get the benefits of this new technology and we can bring more economic freedom to the world.
I realized at some point this year that many employees were interpreting our mission in different ways. Some people interpreted the mission more broadly, to include all forms of equality and justice. It makes sense if you believe that economic freedom is not possible without equality for all people. Others interpreted the mission more narrowly, believing that we were trying to create infrastructure for the cryptoeconomy, and that yes, this would create more equality of access for all people, but we weren’t trying to solve all forms of inequality in the world.
I recognize that our approach is not for everyone, and may be controversial. I know that many people may not agree, and some employees may resign. I also know that some of what I’ve written above will be misinterpreted, whether accidentally or on purpose. But I believe it’s the right approach for Coinbase that will set us up for success long term, and I would rather be honest and transparent about that than equivocate and work in a company that is not aligned.
At the Q3 all hands meeting this past week, I shared with the company the above clarification of our culture and mission. These types of clarifications are needed periodically, as almost every year there will be some sort of event which tests the culture. My goal is to create clarity for all employees going forward about how we’re going to operate. I suspect the vast majority of people will be excited to proceed in this direction — after all, the mission is what we all signed up for and is what Coinbase is uniquely positioned to achieve as a company. But for some employees, working at an activism focused company may be core to what they want, and we want to prompt that conversation with their manager to help them get to a better place. Life is too short to work somewhere that you aren’t excited about, and we’re happy to make that a win-win conversation.
Of course, employees should always feel free to advocate around issues of pay, conditions of employment, or violations of law, for instance. Hopefully the above sets some clear guidelines.
I’m not in those situation by luck and nothing else. I abhor the idea of self-help for broken societies. I’m aware that telling someone to sleep is facile when they have to wake up at 4 AM to take the bus. Telling someone to eat when they’re in lockdown and broke is just an insult.
Instead, we commit to spending a bit of time in the morning or evening just talking to each other. And then when I chew the guava like a human just eating guava it’s OK. My card isn’t declined. We have love in the bank. Our needs are met so we let the little stuff go.
*My wife would also like me to include, somewhere, that I also went to sleep while she was in labor (I was sleepy!) and this may be a narrative about why sleep is important to me.
Lastly, it would go against our principles of inclusion and belonging to be more of an activist company on issues outside of our core mission. We have people with many different backgrounds and viewpoints at Coinbase, and even if we all agree that something is a problem, we may not agree on how to actually go solve it. This is where there is a blurry line between moral statements and politics. We could use our work day debating what to do about various unrelated challenges in the world, but that would not be in service of the company or our own interests as employees and shareholders.
Let me qualify. All of this assumes that your needs are being met by your society. That you’re not working two jobs, or unable to find work. That someone isn’t incarcerated, or suffering from health issues. That your family or friends aren’t also giving you stress. That all gets into our relationships and it’s just hard. That’s a bigger problem and it’s not your fault. We need to take better care of each other. I’m sorry.
Hence my advice to newlyweds or oldlyweds is not advice. It’s just my experience. As I get older I realize more and more that I’m still a child. I’m just some feelings in a body and that body needs food, it needs love, and it needs to sleep. So go to bed angry. Bring your beloved food in the morning. Try again in the light of day.
*My wife would also like me to include, somewhere, that I also went to sleep while she was in labor (I was sleepy!) and this may be a narrative about why sleep is important to me.
Coinbase’s mission is to create an open financial system for the world. This means we want to use cryptocurrency to bring economic freedom to people all over the world. This is difficult and important work, and every employee at Coinbase signed up because they are excited about this mission.
We need to do a better job of being authentic about who we are, and hopefully this blog post is a first step in that direction. We are an intense culture and we are an apolitical culture. We’re also committed to making Coinbase a place that creates incredible job opportunities and a welcoming environment for people of every age, race, gender, sexual orientation, etc.
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