Coinbase is offering to pay employees who decide to quit the cryptocurrency company after it discouraged employee activism and discussing of political and social issues at work. CEO Brian Armstrong told Coinbase staff in an email that the company would offer severance packages for anyone “who doesn’t feel comfortable with this new direction.” The pay packages range from four to six months, depending on how long an employee had been with the company.
Geopolitical jostling accelerated by large-scale private stablecoin initiatives like libra, plus an added dose of COVID-19, means we are now facing a perfect storm for central bank digital currencies (CBDCs). Such tectonic shifts are being acknowledged by big players like Deutsche Bank, the latest lender to issue a report on CBDCs and their looming impact.
Barclays boss Jes Staley unveiled a reshuffle among its most senior executives, promoting a clutch of long-serving bankers as the UK lender looks for closer links between its investment banking, trading and corporate banking units. C. S. Venkatakrishnan, the group’s chief risk officer, has been named head of global markets, replacing Stephen Dainton, who has held the role since June 2019, according to Staley’s memo to staff seen by Financial News.
In a hearing on Tuesday, the Congressional Fintech Task Force heard arguments on new rules that would potentially expand banking regulations to accommodate more technology firms providing financial services.