Global cryptocurrency exchange Coinbase is making some big decisions amid the current market conditions as it is going to temporarily terminate its affiliate marketing program in the US.
This update was revealed through emails sent to three creators and also shared with Business Insider.
“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,” the emails noted.
The cryptocurrency exchange stated in the emails that it intended to relaunch the affiliate marketing initiative in 2023 but no exact timeline about it is shared at the moment.
The emails read “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.”
Just last month, some leaked emails revealed that Coinbase is slashing out affiliate marketing commission rates for some influencers per sign-up. As of early 2022, one creator made up to $40 for each sign-up.
Coinbase is struggling due to the current market situation that’s making it take such decisions. Last month Coinbase had to lay off 18% of its employees due to concerns that a recession will lead to a crypto winter.
