If anyone is interested in starting their own major crypto company somewhere, they should probably look at how Coinbase operates. The exchange is one of the largest trading platforms in the United States, and while that’s certainly important, the company appears to have its head on straight when it comes to all the distractions of the outside world.
Brian Armstrong States How Coinbase Will Move in the Future
In a blog post published on Sunday by CEO Brian Armstrong, Coinbase mentioned that it would not take the route that several other large tech companies have taken and it would not become focused on outside projects. These projects included new policy discussions, bills or political causes.
While Armstrong explains that these issues are certainly important, the goal of Coinbase – and any major company, for that matter – should always be about getting the firm ahead. About producing top-notch products and providing what customers and employees need most.
In the blog, Armstrong writes:
While I think these efforts are well intentioned, they have the potential to destroy a lot of value at most companies, both by being a distraction, and by creating internal division. We’ve seen what internal strife at companies like Google and Facebook can do to productivity, and there are many smaller companies who have had their own challenges here. I believe most employees don’t want to work in these divisive environments. They want to work on a winning team that is united and making progress toward an important mission.
When it comes to social or political causes, perhaps the best thing to do is to stay out. Companies should all share the same goal of delivering the best products they can to consumers. Doing otherwise is likely going to establish a conflict of sorts, which is what Armstrong appears to be saying in the blog.
No More Outside Distractions
He further mentions:
It has become common for Silicon Valley companies to engage in a wide variety of social activism, even those unrelated to what the company does… 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 go solve it. This is where there is a blurry line between moral statements and politics.
He explained that Coinbase, from here on out, should not be looked at as a simple Silicon Valley firm, and that his company would focus primarily on establishing what he called a “championship team.” This includes being a “company first” and acting towards the greater good of all Coinbase customers and employees by utilizing fair talent practices, finding the right talent to fill specific roles, and establishing an “open financial system” that anyone can use regardless of their creed, gender, nationality or location.