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According to emails that have been exposed, Coinbase will stop its affiliate marketing program in the US on July 19.
Market circumstances and the prognosis for the remainder of 2022 are cited as justifications for the suspension in the emails issued to three creators. Coinbase stated that its affiliate program would return in 2023 without a precise date. Coinbase stated that it did not make this decision lightly but must stop incentivizing businesses that use incentives on its network. It urged its partners to take promotional material off of their websites.
Crypto analyst Ben Armstrong, popularly known as Bitboy, warned followers to tread gently and predicted difficulties for Coinbase, adding that insolvency would rock the market to its foundation. Affiliates may promote Coinbase by including links in articles, creating new content, and running adverts on their websites once they have been boarded. In the first three months after entering the program, an affiliate received 50% of a referee’s trading commission from Coinbase.
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Finances personally Nate O’Brien, a venture entrepreneur and YouTuber tweeted that he believes Coinbase’s decision to suspend its affiliate program is a huge red flag signaling an imminent financial disaster. He believes that the current crypto bear market’s cost-cutting measures may cause Coinbase’s refusal to pay $5 to an affiliate. However, affiliate networks require investing money to increase a user base, as one Twitter user, cryptogemguy, pointed out. Eighty-nine million individuals have registered on Coinbase and provided a valid phone number or email address.
According to Cryptogemguy, Coinbase might utilize the funds for fresh marketing initiatives. He discussed how the cancellation of Airbnb’s affiliate program led to user savings. Even if an insolvency crisis is unlikely, Bitboy said that weirder things have lately occurred in the cryptocurrency industry, such as the failure of certain reputable organizations that rose to prominence during the last bull run. Voyager Digital, Celsius, and hedge fund Three Arrows Capital have all experienced financial failure as the dangers of high-yield, high-risk lending has recently come to light.
Withdrawing its technical analysis and other professional features-focused Coinbase Pro product, Coinbase has cut off 20% of its workers and revoked accepted employment offers.
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