How the Coinbase memo exemplifies Silicon Valley’s current political crisis

Coinbase, the bitcoin bank valued at $8 billion and expected to go public in 2021, is going through an internal identity crisis.

It started back in June, amid the nationwide protests over the death of George Floyd, when Brian Armstrong, the company’s extremely introverted cofounder and CEO, was asked a question at an employee town hall about why Coinbase had not shown public support for the Black Lives Matter movement. Armstrong declined to give a clear answer, according to crypto news site The Block, and his avoidance resulted in a virtual walkout by “hundreds” of Coinbase’s 1,100 employees on June 3.

The next day, Armstrong tweeted, “I want to unequivocally say that Black Lives Matter.” He added: “I’ve been watching the events of the last few weeks unfold – I really did not know what to say about it for a long time, and I’m still not sure I

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