Coinbase sent an email to all its employees to be prepared for a negative article about Coinbase that will be posted by the The New York Times in a few days. This article will also appear in print on Sunday, 29th November 2020.
What will the article be about?
The story will mainly be covering the negative experiences by 3 former employees and one former contractor of Coinbase. The story relies on inside information from other current and former employees, leaked information from their Coinbase’s Slack channel, documents and meetings. It will most likely cover topics of the company policies with respect to Belonging, Inclusion, Diversity and Black Lives Matter. It will cover some of the racist accusations by employees within Coinbase.
A large number of black employees and consultants in Coinbase filed complaints with regards to racial discrimination. Coinbase holds the stand that all of these complaints were mitigated by internal and external investigation but the former employees may paint a different picture with their interview with The Times.
Coinbase did not get a chance to review the story that will be published and strongly believes that it is going to be a negative article. It has asked its employees to be prepared for follow-up questions.
It will be interesting to see how the article turns out and how the market reacts to it!
If it is negative, The New York Times negative views on one of the world’s leading crypto exchange will be lucrative for the hibernating bears in the market.