Coinbase Fingered By NYT For Underpaying Black Employees And Women

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Analysis of internal pay data reveals that the leading cryptocurrency exchange Coinbase has underpaid its female and Black employees at a much higher rate than that of the technology industry, the New York Times reported.

  • The findings come in the footsteps of another New York Times in November, which painted an image of a business “has long struggled with its management of Black employees.”
  • Although Coinbase’s executives at the time believed that the concerns were confined to a few staff, the company’s compensation data cited in the most recent study indicate that the inequitable treatment of both female and Black workers was more prevalent than agreed.
  • The timing of the back-to-back exposures could hardly be worse for Coinbase, which was earlier this month filed preliminary papers with the United States Securities and Exchange Commission for an initial public offering, without a doubt aiming to capitalise on the record price rise for bitcoin and the white-hot IPO market..
  • Even before the first New York Times report was released in November, Coinbase saw at least 5% of its employees resign after being forced to choose between embracing Brian Armstrong’s newly revealed “apolitical” strategy and leaving the company. This latest story shows that the labour exchange problems are not going away.
  • According to the data provided in the Times study, women in Coinbase were paying an average of $13,000, or 8 per cent, less than men in comparable jobs and ranks.
  • Meanwhile, Black employees were paying $11,500 or 7% less than all other workers in comparable positions, the Times said.
  • The Times’ data contained payment information for most of Coinbase’s approximately 830 workers at the end of 2018.
  • In a letter to Coinbase employees on the most recent report in the New York Times, L.J. Brock, Chief Human Resources Officer, said Coinbase sought to insure fair compensation for equal work as part of a comprehensive review of the company’s pay practises that started in 2018.
  • Brock said that the company has worked “to ensure our compensation framework is transparent” and “fair to all employees.” over the last two years “examine our pay through the lens of ethnicity/race, in addition to gender.”
  • “Coinbase is committed to ruthlessly eliminating bias in all our internal processes,” Brock inscribed.
RECOMMENDED READ:  Bitcoin and Ethereum Market Review for 7th January 2021

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