Twitter CEO Jack Dorsey came up with the largest cryptocurrency exchange in the United States in connection with an open letter to employees posted on September 28.
A letter written by Coinbase CEO Brian Armstrong explains why the company intends to avoid political and social turmoil and focus instead on its primary mission of building an open financial system to the world.
The new direction met with strong support in some circles, and setbacks in others.
In a Twitter post to his 4.7 million followers, Dorsey stated that “Bitcoin (also known as cryptocurrency) is direct activity against an exclusive financial system that cannot be verified.”
Dorsey has long been active in the cryptocurrency space, and Twitter itself has come under criticism for favoring progressive over conservative political views in the moderation process. But Dorsey’s opinion, which called for more active political participation, was not well received by the crypto community, with the vast majority of responses agreeing with Armstrong’s approach.
Mike Solana, vice president of the Founders Fund venture capital, disagreed that Dorsey opposed “an institutional approach away from the polarized political statements and dramatic displays of cultural warfare pages”. Solana compared this apolitical approach to Twitter’s business model, stating that Dorsey was “a man earning hundreds of millions of dollars and contributing to political polarization.”
Adam Draper, son of famous cryptocurrency investor Tim Draper, praised Coinbase’s approach, comparing Armstrong to Michael Jordan for his one-sided focus on driving the cryptocurrency sector:
“This is thought control. We get results when everyone is focused on one task. Brian is now Jordan in his prime. If someone sells Coinbase, I’ll buy.”
Coinbase has offered any employee who initially does not agree to Armstrong’s position as an end-of-service bonus for up to six months. The email added, “It’s always sad when we see teammates leave, but it can also be better for them and the company.”