Coinbase Aims To Regain Community Trust
March 05 2019 - 12:21PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
March 05, 2019 -- ADVFN Crypto NewsWire -- 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
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