Backlash Over Coinbase Decentralization Claim

In a recent online publication, the CEO of Coinbase, Brian Armstrong, said that the company has moved to a ‘remote-first environment’. He added that 52% of the company’s staff do not need to be physically present to be productive, and that about 95% of their staff have the option of working from their houses. Since 2020 began, most of the former San Francisco-based company’s staff have moved to other places around the world.

While this new strategy has helped the crypto exchange firm in recruiting top talents across the globe, the firm’s CEO has also said that this makes them a “decentralized” company. However, this claim was quickly pointed out to be untrue, as the firm is not decentralized in the true sense of crypto.

Undeniably, Coinbase is one of the largest fiat to crypto exchange firms in the world. The firm has been able to cement its position as a reputable crypto company though it also has a history of being unreliable during market volatility, an awful customer support system, and charging exorbitant fees for its services.

Coinbase Customers Have had Enough

Coinbase’s tweet has caused quite a stir amongst their customers who lashed out at everything about the company. These users threw jabs at the firm’s poor customer services as well as their characteristic ghosting when there’s a significant change in giant crypto price.

One user of the platform tweeted

Your customer service is zero (copy and paste emails are not customer service), you can probably say that’s decentralized too.

A customer also stated that he invested $8,000 and was charged close to $1000 as trading fees on the Coinbase platform.

Most of the complaints in response to Coinbase’s tweet were mostly concerning their poor customer service and unanswered emails. The replies on the tweet were many, but mostly negative. It looks like Coinbase will need to look into restructuring their customer support team, or they might begin to lose some of its customers.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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