Business Insider reported through a leaked email that cryptocurrency exchange Coinbase will temporarily terminate its US affiliate-marketing program on the 19th of July.
In an email sent to three creators and shared with a media outlet, Coinbase has announced that it will be “temporarily shutting down its Affiliate Program in the United States” with an effective date of Tuesday, July 19th. The emails being sent out said that the reason for this is due to crypto market conditions and the outlook for the remainder of 2022.
The company has not shared an exact timeline for its plan to restart the program but expects to in 2023.
This development from Coinbase appeared amidst Crypto Winter when Crypto has been in the news a lot lately. In the past few months, crypto prices have fallen significantly.
Coinbase announced earlier this year, in June, that they were laying off 1,100 employees or 18% of its current staff.
A Bloomberg report, published on July 15, states that Coinbase is likely to fall from its 4th ranking spot. The report only ranks crypto exchanges and the crypto exchange currently stands at 14.
The crypto exchange lowered the commission rates in June for influencers who were using the exchange’s affiliate marketing program.
Coinbase’s affiliate marketing programme debuted in 2019. The programme is enabling Coinbase to engage with influencers, control costs and keep track of sign-ups.
