1/ It's been about a year since my mission-focused blog post. It wasn't easy to go through at the time, but looking back, it turned out to be one of the most positive changes I've made at Coinbase, and I'd recommend it to others. blog.coinbase.com/coinbase-is-a-…
2/ We have a much more aligned company now, where we can focus on getting work done toward our mission. And it has allowed us to hire some of the best talent from organizations where employees are fed up with politics, infighting, and distraction.
3/ One of the biggest concerns around our stance was that it would impact our diversity numbers. Since my post, we've grown our headcount about 110%, while our diversity numbers have remained the same, or even improved on some metrics.
4/ Several people told me this would never happen when I circulated the original draft internally. It turns out that there are people from every background who want to work at a mission focused company.
5/ What was amazing was the contrast between the news following my post, and the reaction from employees and people who spoke to me in private.
6/ While the media reports were mostly negative, and it even spawned some retaliatory and intellectually dishonest hit pieces, the reaction both from employees and people I spoke to in private was overwhelmingly positive.
7/ In fact, I would say it was probably the most positive reaction I've gotten from any change I've made in the history of the company, which is saying something. How could something be so negative in the press, but turn out to be incredibly positive with every stakeholder.
8/ The only sense I can make of it, is that there is a huge mismatch between peoples stated and revealed preferences right now, and we're operating in an environment of virtue signaling and fear of speaking up.
9/ The biggest lesson I took away from the whole ordeal is that if you believe something is the right path, it's worth speaking up about it, even if it's controversial.
10/ You will get lots of attacks online, and not everyone will agree, but ultimately people want clarity and authenticity from leaders, not platitudes. It will come back to you tenfold.
11/ For leaders out there, think about any area where you aren't being 100% authentic, and instead are trying to keep the peace, or say what you think people want to hear.
12/ It's incredibly difficult to do, but if you stand up and say what you really think, it may turn out better than you thought. Saying this advice for myself as much as anyone else - there will be many more challenges ahead.
13/ I should add: a big thank you to the many employees who stepped in to fill the gaps that were left as our colleagues departed, working nights and weekends to ensure we continued to serve our customers. This was heroic and awesome to see.

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More from @brian_armstrong

Sep 14
1/ Starting today, Coinbase will begin integrating our crypto policy efforts right into our app. These will help our 103M verified users get educated on the crypto positions held by political leaders where they live.
2/ For instance, U.S. users can see crypto sentiment scores from members of congress based on publicly available statements they've made, register to vote, and find out about local town hall events.
3/ Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto). We'll also expand to get more geographic coverage in global elections, and add data on various candidates running for office (not just current elected officials).
Read 6 tweets
Sep 8
1/ Coinbase is funding a lawsuit brought by six individuals challenging the Treasury's sanction of the Tornado Cash smart contracts. blog.coinbase.com/defending-priv…
2/ We support the Treasury sanctioning bad actors and have worked closely with law enforcement to help bring many bad actors to justice. But the Treasury's actions in this case hurt many law-abiding citizens in addition to a few bad actors, and we believe exceeds their authority.
3/ The issue is that Treasury has the authority from Congress only to sanction a person or their property, not an entire technology as they've done in this case.
Read 9 tweets
Aug 3
In Mar 2020 I announced Coinbase was going "remote first". This is what it now looks like in the US where we now have employees in almost every state. (each red dot represents a region where we have at least one employee)

And similarly, we've built an amazing team globally. Not just for international expansion, but building many of our key products as well.
Reminder: remote-first means you can come in to an office if you want (we keep office space in a number of locations), but you're not required to. We also try to get teams together in person periodically to maintain connection.
Read 4 tweets
Jul 21
1/ At Coinbase, we actively monitor for illegal activity and investigate any alleged misconduct. In April, we received information about possible frontrunning of assets shortly before being listed on Coinbase. We immediately launched an investigation into this.
2/ As a result of our investigation we identified 3 suspects and provided this information to law enforcement. One person was a Coinbase employee who we terminated. Today, the DOJ has criminally charged this former employee and the two other individuals for this abusive conduct.
3/ I want to thank our Legal, Security, Special Investigations, and Global Intelligence teams for their quick action and work on this. We appreciate the DOJ’s recognition of our help in holding these individuals accountable. justice.gov/usao-sdny/pr/t…
Read 4 tweets
Jul 15
A number of people have asked me how Coinbase wins in this environment, and turns it into an opportunity for growth.

Here's my answer:
1. Well capitalized.
In past downturns we pulled ahead and consolidated share, staying focused while others got distracted. Downturns make the best companies even stronger, and this one will be no exception for us.
2. Integrated product suite
There will be many winners in crypto, but Coinbase is one of the only places where you have one crypto account, and do every sort of crypto activity: trade, stake, pay, borrow, create etc.
Read 9 tweets
Jun 10
1/ This is really dumb on multiple levels

2/ First of all, if you want to do a vote of no confidence, you should do it on me and not blame the execs. Who do you think is running this company? I was a little offended not to be included :)
3/ Second, if you have no confidence in the execs or CEO of a company then why are you working at that company? Quit and find a company to work at that you believe in!
Read 16 tweets

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