Yesterday, we reported on Coinbase’s acquisition of Neutrino and the fact that it involved taking on several key members of the controversial Hacking Team company. Late yesterday, in response to the veritable media firestorm on the subject, Brian Armstrong penned a blog post that included a significant announcement.
In short, Coinbase appears to have listened to the opinion of many of its’ users on its’ recent acquisition. Citing the reason of keeping with their company vision, they have decided to let all of the Neutrino employees go who were involved with Hacking Team. Armstrong stated that the “prior work” of these employees did not connect with Coinbase’s vision.
To understand exactly what this means, it’s enough to circle back to the first paragraph of Armstrong’s post, where he details exactly what this is. In a nutshell, they want to lead the way to a new, inclusive financial system that is driven by cryptocurrencies.
Considering this, it is easy to understand why keeping the former Hacking Team employees would not work. How does a reputation of promoting and enabling government surveillance help create a financial system that is safer and better than what we have now?
If Armstrong and the Coinbase executive team had decided to keep these employees, it is quite possible that Coinbase would have experienced a significant and possibly permanent fall from grace. Especially in the crypto world, successful companies remain successful based on trust.
Existing users market their favorite crypto related products to new, potential users because they trust these products. All in all, the industry is propped up by a multitude of people like this. While Coinbase’s decision-making has not been ideal with regards to these events, if their users can continue to keep them honest, they may still achieve their vision of being the crypto banking leader for the general, global public.
By: BGN Editorial Staff