An analysis performed by the New York Times of internal pay data at cryptocurrency exchange Coinbase unveiled disparities in salaries, showing their women and Black employees were underpaid.
Coinbase Underpaid Women and Black Employees, Claims NYT Study
According to the report, women employees were paid by Coinbase an average of $13,000, or 8%, which is less than menâ€™s employees at comparable job roles within the crypto exchange. The data gathered by the NYT includes pay details of 830 employees at the end of 2018.
As per an alleged unfair treatment of Black employees in terms of compensation, the figures showed that 16 salaried workers were paid $11,500, or 7%, less than all other employees in similar jobs, said the New York Times article.
The analysis, performed by Alexandra Marr, an economist specialized in statistical analysis for court cases involving pay bias, revealed that the gap between white and Black employees grew to 11%.
The NYT claimed they confirmed the accuracy of the study with nine employees included in the data collected, â€œand colleagues they knew.â€
As per the dimension of the salary disparities in Coinbase, NYTâ€™s article said:
Coinbaseâ€™s Reaction to the NYT Article
Right after the New York Times published the study, U.S.-based crypto exchange issued a statement, signed by L.J. Brock, Coinbaseâ€™s chief people officer, pointing out that the company â€œis committed to fair and equitable compensation for every employee.â€ In fact, the statement is an internal email sent by Coinbase to their employees on December 29, 2020.
One of the statementâ€™s excerpts reads as follow:
There are also supporters of Coinbase in the controversy, such as Balaji S. Srinivasan, an angel investor, entrepreneur, and former Coinbaseâ€™s CTO, who said that â€œno oneâ€ can trust in the data analysis published by the author of the article, NYTâ€™s tech reporter Nathaniel Popper, alleging that most of the executives at the crypto exchange â€œare women and people of color.â€
However, this is not the first time that Coinbase is under a similar controversy. In fact, the NYT also published a report on November 27, 2020, that revealed Coinbase has been facing â€œmany internal complaints about discriminatory treatmentâ€ with black employees.
What are your thoughts on the Coinbaseâ€™s controversy about the alleged disparities in salaries? Let us know in the comments section below.