Coinbase’s misfortune could bring happiness to the rest of the crypto community

The crypto community has taken a ‚one man’s luck makes another happy‘ attitude about Coinbase’s situation.

Market leaders are volunteering to provide new opportunities for Coinbase talent

Onramp investor Tyrone Ross told BeInCrypto that he is looking to recruit a technical director and a product manager.

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The exodus started at Bitcoin Era, with dozens of employees accepting CEO Brian Armstrong’s offer to pay them severance pay. And while it’s never easy to break up, the cryptocurrency community has embraced this cohort of talent with open arms.

Tyrone Ross is the founder of the digital investment platform Onramp Invest . After hearing from Clem Freeman, a software engineer at Coinbase whose last day of work was October 9, he spotted an opportunity. Ross reached out to Freeman on Twitter, offering him an interview with the startup. While Freeman has yet to respond to Ross, Onramp is recruiting for a few positions, and a former Coinbase employee appears to be at the top of the list. Ross told BeinCrypto:

I am currently in the process of founding @Onrampinvest, a future platform for advisors to guide clients to using Bitcoin. I would like to hire a candidate at the CTO level of Coinbase, and maybe a product manager.

I will take the time to recharge my batteries. I don’t know what my next step will be, but I’m excited to find out!

The chaos within Coinbase

Database chief Brian Armstrong opened a real Pandora’s box by announcing in September that the cryptocurrency exchange is a “mission-driven business” and therefore any discussion of politics was frowned upon. According to some reports , the decision was made following the departure of an employee in response to the company’s stance on the Black Lives Matter movement.

Reactions to Coinbase’s statement have been mixed, between encouragement and criticism. Armstrong then offered all employees who wanted to leave the company a “generous severance bonus” as a reminder. So far, 60 employees , or 5% of the company’s workforce, have accepted his offer.

Mr Ross, from Onramp Invest , shared his thoughts on the situation:

I think Brian Armstrong has a right to lead Coinbase in that direction if he wants to, and I think employees should have a right to opt in and go as many do. I can’t (as black) and I don’t want to take that direction, but that’s the beauty of leadership and America. We can do what we want!

New protocols are on the way?

The departures of Coinbase may also have paved the way for new protocols that have made their way into the cryptocurrency ecosystem. Tony Sheng, co-founder of Cozy Finance, which develops risk management software for DeFi , also had a message for former Coinbase employees. He predicts that Armstrong’s generous severance package will fuel the creation of multiple “important” protocols that he says “might not have existed otherwise”. He thanked Coinbase for this fortuitous opportunity, inviting former employees of the company to contact him to explore their options.