NY Times report alleges history of pay discrimination at Coinbase

CoinTelegraph

San Francisco-based crypto exchange Coinbase may have had a problem with paying its employees fairly based on gender and race. 

According to a report from The New York Times journalist Nathaniel Popper, Coinbase paid salaried Black employees roughly 7% less than people in similar positions, based on payroll data from 2018. Across the company, this averaged out to a difference of $11,500. When factoring in the firm’s stock options, the gap between white and Black employees’ compensation at Coinbase was closer to 11%.

How To Get Free Crypto  

The report also alleges a pay disparity by gender. For example, male level-one managers at Coinbase earned 20% more than their female peers. On average, women at the crypto firm were paid 8%, or $13,000, less than their male counterparts in 2018.

“The pay disparities at Coinbase appear to be much larger than those in the tech industry as a whole, and at the few other tech companies that have had to release data,” wrote Popper.

Source: The New York Times

Coinbase chief people officer L. J. Brock was quick to respond to the allegations. In an internal company email posted to the Coinbase blog today, the firm claims that it had done “significant work to ensure [Coinbase’s] pay-for-performance philosophy is transparent and fair” since 2018. He said that “all eligible employees” received at least a 3% increase in compensation in early 2019 and that employees’ pay targets were made transparent later that year. The email also reported that the number of staff at the crypto firm has grown from 830 in 2018 to more than 1,000 in 2020.

“Coinbase is committed to ruthlessly eliminating bias in all our internal processes,” states the company blog. “We also recognize that it is best practice to regularly check our work, and while pay equity is critical at any stage of maturation, we believe that we have implemented the framework to ensure we are driving equitable outcomes.”

Coinbase Banner  

The exchange has been in the spotlight for issues concerning race before. In October, CEO Brian Armstrong said the company would adopt an “apolitical culture,” offering exit packages to any employee who disagreed with the policy. Armstrong said that 60 staff members planned to leave in response to the announcement, roughly 5% of Coinbase’s workforce at the time.

Go to Source
Author: Turner Wright


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.