NYT Examine: Coinbase Underpaid Feminine and Black Staff at A lot Bigger Charges Than These within the Know-how Trade
An analysis of internal salary data at the Coinbase cryptocurrency exchange, conducted by the New York Times, found differences in salaries and showed that their wives and black employees were underpaid.
Coinbase Underpaid Women and Black Employees, NYT Study Claims
According to the report, female Coinbase employees were paid an average of $ 13,000, or 8%, which is less than men with comparable roles within the crypto exchange. The data collected by the NYT includes details of the pay of 830 employees at the end of 2018.
According to the alleged unfair treatment of black employees for compensation, the numbers showed that 16 employees were earning $ 11,500, or 7% less than any other employee in similar professions, the New York Times article said.
Analysis by Alexandra Marr, an economist specializing in statistical analysis for court cases with wage bias, found that the gap between white and black employees has increased to 11%.
The NYT claimed it confirmed the accuracy of the nine-employee study included in the data it collected, “and colleagues who knew them”.
Regarding the dimension of the salary gap in Coinbase, the NYT article states:
The wage differentials at Coinbase seem to be much larger than across the tech industry and the few other tech companies that have had to publish data.
Coinbase’s response to the NYT article
Immediately after the study was published by the New York Times, the US-based Crypto Exchange issued a statement signed by LJ Brock, Coinbase’s chief people officer, stating that the company was “acting on a fair and committed to fair remuneration for every employee ”. In fact, the statement is an internal email that Coinbase sent to its employees on December 29, 2020.
One of the extracts from the statement reads as follows:
Coinbase strives to ruthlessly eliminate bias in all of our internal processes. We also understand that it is a best practice to review our work regularly. While equal pay is vital at every stage of maturation, we believe we have implemented the framework to ensure we get equitable outcomes. We recently hired a certified women-owned law firm to work with an expert software solution, Syndio, to review our global payroll data. We will examine our salary from an ethnicity / race perspective in addition to gender.
There are also Coinbase supporters in the controversy, such as Balaji S. Srinivasan, an angel investor, entrepreneur, and former Coinbase CTO, who said that “no one” can trust the data analysis published by the article’s author, NYT The Tech – Reporter Nathaniel Popper claims that most executives at the crypto exchange are “women and people of color.”
However, this isn’t the first time Coinbase has faced similar controversy. In fact, on November 27, 2020, the NYT released a report that found that Coinbase had “faced many internal complaints of discriminatory treatment” with black employees.
What do you think of Coinbase’s controversy over the alleged differences in salaries? Let us know in the comments below.
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