Coinbase faces crypto backlash over sponsoring military parade in D.C.
Since the first large-scale military procession in decades, it made its way in the streets of Washington, DC on Saturday, the organizers thanked the men and women in the country in the uniform-and also to the various sponsors of companies, including the giant currency group for encryption. Everyone was not comfortable with the coding industry scene – which was founded in opposing the government authority – is closely consistent with the presentation of power by the United States
Coinbase was one of a group of companies that sponsored the offer, according to a statement issued by America250, the official body that regulates events to honor the 250 anniversary of the sponsors of other American companies, included the Palantir Data Data Company, the giant Aerospace Aerospace, Lockheed Martin, and home names such as Walmart, Coca-Cola and Chryler.
Kara Calvert, Vice President of US policy at Coinbase, represented the company at the offer.
Calvert said in a post on X.
While some saw care as a way to bring consciousness to encryption, others saw it as a great break from the spirit of industry as a financial system independent of a central entity.
“What Coinbase did by sponsoring this offer to the army seems to be an insult to everything that our industry represents,” one of the users wrote on X.
Adam Kokran, administrative partner at Blockchain Venture Capital Clinaamhain Ventures, said that a result of care, he will sell his shares in the company and withdraw his encrypted assets from the platform, in a post on X.
Kokran indicated that sponsorship is inconsistent with the coinbase policy on political reasons. The company says on its website: “We do not call for any certain reasons or internal candidates that have nothing to do with our mission, because it distracts from our mission,” the company says on its website.
“Caring for a military procession, in a divided country, with division divisions already from Crypto is not correct in this policy,” said Kokran. “It is just a bad marketing that harms the adoption of this industry.”
Coinbase’s money is not clear on care or if none of the higher executives, such as CEO, Brian Armstrong, are present. A Coinbase spokesman refused to comment when calling it luck.
However, some people have argued that the army is a non -political institution, and therefore, Coinbase’s sponsorship of the event is not to support any political party.
“The coin that supports our army in any way is the involvement of their political affiliation.” “The army must always be non -political in favor of the nation.”
Despite criticism, Coinbase shares have increased by 5 % since the market opened on Monday, growing from $ 248 to $ 256.
This story was originally shown on Fortune.com
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2025-06-16 17:13:00
