San Francisco-based crypto exchange Coinbase may have had a problem paying its employees fairly based on gender and race.
According to a report by The New York Times journalist Nathaniel Popper, Coinbase paid black salaried workers are about 7% less than people in similar positions, based on 2018 salary data. Across the company, this averaged a difference of $ 11,500. When factoring in the company’s stock options, the gap between white and black employee pay at Coinbase was closer to 11%.
The report also claims a gender pay inequality. For example, level one male managers at Coinbase earned 20% more than their female peers. On average, women at the crypto firm were paid 8%, or $ 13,000, less than their male counterparts in 2018.
“The pay differentials at Coinbase appear to be much wider than those in the tech industry as a whole, and at the few other tech companies that have had to release data,” Popper wrote.
Coinbase chief people officer LJ Brock responded quickly to the allegations. In an internal email from the company posted to the Coinbase blog today, the company states claims that it had “done a lot of work to ensure it [Coinbase’s] The pay-for-performance philosophy has been transparent and fair “since 2018. He said that” all eligible employees “received at least a 3% increase in pay in early 2019 and that employee pay targets were transparent later that year. reported that the number of employees at the crypto company has grown from 830 in 2018 to more than 1,000 by 2020.
“Coinbase is committed to ruthlessly eliminating bias in all of our internal processes,” the company blog said. “We also recognize that it is best practice to regularly monitor our work, and while reward ability is critical at every stage of maturation, we believe we have implemented the framework to ensure that we achieve equitable results . “
The exchange has previously been in the spotlight for race-related issues. In October, CEO Brian Armstrong said the company would adopt an “apolitical culture” and offer exit packages to any employee who disagreed with the policy. Armstrong said that 60 employees were planning to leave in response to the announcement, about 5% of Coinbase’s workforce at the time.