The New York Times analysis of internal salary data from cryptocurrency exchange Coinbase revealed salary differences, indicating that the salaries of its female and black employees are underestimated.
The New York Times claims that Coinbase is underpaid women and black employees
According to the report, Coinbase paid an average of US$13,000 to female employees, or 8%, less than male employees in similar jobs at cryptocurrency exchanges. The data collected by the New York Times includes the salary breakdown of 830 employees at the end of 2018.
According to the New York Times, according to the so-called unfair treatment of black employees, data show that 16 salaried workers are paid $11,500, which is 7% less than all other employees doing similar jobs.
An analysis conducted by Alexandra Marr, an economist who specializes in statistical analysis of court cases involving salary deviations, shows that the gap between white and black employees has increased to 11%.
The New York Times claimed that they included “nine employees” and “colleagues they knew” in the data they collected to confirm the accuracy of the study.
According to the dimensions of the Coinbase salary gap, the New York Times article stated:
The salary gap in Coinbase seems to be much larger than the salary gap in the entire technology industry, in the few other technology companies that have to publish data.
Coinbase’s reaction to the New York Times article
After the “New York Times” published a research report, the crypto exchange in the United States issued a statement, signed by Coinbase Chief Human Officer LJ Brock, stating that the company is “committed to providing fair and just remuneration to every employee.” In fact, the statement was an internal email sent by Coinbase to its employees on December 29, 2020.
One of the excerpts of the statement is as follows:
Coinbase is committed to ruthlessly eliminating prejudice in all our internal processes. We also recognize that the best practice is to check our work on a regular basis. Although the maturity of compensation is crucial at any maturity stage, we believe that we have implemented the framework to ensure that we achieve fair results. We recently retained a female-owned certified law firm to work with expert software solution Syndio to audit our global salary data. In addition to gender, we will also check our salary from the perspective of race/ethnicity.
Also in the dispute are Coinbase supporters, such as angel investor, entrepreneur, and former Coinbase CTO Balaji S. Srinivasan. Said “No one” can trust the author of this article, the New York Times technology reporter Nathaniel Popper (Nathaniel Popper) published a data analysis, he claimed that most executives of cryptocurrency exchanges are “women and colored Race”.
However, this is not the first time Coinbase has faced similar controversies. In fact, the “New York Times” also issued a report on November 27, 2020, which showed that Coinbase has been facing “many internal complaints that discriminate against black employees.”
What is your opinion on Coinbase’s dispute over the so-called salary difference? Let us know in the comments section below.
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