Last Updated: 20 July 2022
Crypto exchange, Coinbase, is going to cut its expenses even more. The American company is temporarily stopping its ‘affiliate programme.’
— Top Stock Alerts (@TopStockAlerts1) July 18, 2022
Influencers are sharing on Twitter that their revenue stream is coming to an end. The idea is that these crypto fanatics with lots of followers on social media could make money by bringing in new customers.
The referrers have been informed by email that their commissions will disappear from tomorrow. This is also written by Business Insider, among others. A hard blow for the influencers who have organised their income around these schemes. The email stated the following:
“We regret to inform you that Coinbase will temporarily discontinue its Affiliate program in the United States, effective Tuesday, July 19.”
“This has not been an easy decision, nor has it been taken lightly, but due to conditions in the crypto market and the outlook for the remainder of 2022, Coinbase cannot continue to support incentivized traffic to its platform.”
So this is specifically about US referrers and a ‘temporary’ measure.
The ‘cryptowinter’ has its impact on Coinbase’s business. Previously, they halted vacancy procedures and even dismissed hundreds of employees, up to 18% of all staff.
Coinbase does not respond to requests for comment and explanation.
Meanwhile, Coinbase still has over $2 billion in daily trading volume. Brian Armstrong founded the company in 2012, and it is the first publicly traded crypto exchange in the United States. The Prime platform is mainly popular among institutional investors.
It is hoped that the affiliate program for influencers will return sometime in 2023. But specific details about this were not disclosed in the email circulated.