Coinbase cited bear market issues for suspending the affiliate program and said it will shut it down for at least the rest of the year so let’s read more today in our cryptocurrency news.
It continues to draw down on spending but Coinbase is temporarily shutting down its US affiliate marketing program. The influencers who are a part of the program aimed at acquiring new users via social media and were notified via email that the commission will be going away from tomorrow. The decision of the exchange came at a time when most Web3 companies were looking for ways to cut costs amid the weak market as Coinbase cited the weak sentiment:
“We regret to inform you that Coinbase will be temporarily shutting down its Affiliate Program in the United States with an effective date of Tuesday, July 19th.”
Coinbase just shut down their entire affiliate program. This is a MAJOR red flag. I fear that a liquidity crisis is on the horizon.
— Nate O'Brien (@nateobrienn) July 15, 2022
Coinbase is one of the top three crypto exchanges as per the data from CoinMarketCap and has over $2 billion in trading volume. It was founded in 2012 and grew over the past 10 years into an industry leader and became a household name for a crypto company.
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Now, Coinbase cited the onset of the crypto winter as the leading factor for shutting down its affiliate program and the deteriorating economic donations which cropped up so far:
“This has not been an easy decision, nor was it made lightly, but, due to crypto market conditions and the outlook for the remainder of 2022, Coinbase is unable to continue supporting incentivized traffic to its platform.”
The exchange said that it plans on relaunching the program in 2023 but didn’t provide more details as to when that will happen:
“We have established many valued partnerships through our affiliation platform that we hope to renew in the future.”
The exchange was forced to lay off 18% of the employees last month and canned 1000 employees with residing job offers. Earlier this month, however, the San Francisco-based company announced it will expand furhter into Europe and will establish offices in places like Spain, Italy, Netherlands, and France while enhancing its presence in the UK, Germany, and Ireland. The company was the first exchange to go public on the US stock market and made its debut back in April. According to Yahoo Finance, the shares of Coinbase Global are now trading 82% since they launched from $342 per share to $61.
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