- The program will be relaunched in 2023, but any exact timeline has not been announced.
- Current market conditions of crypto are the major reason behind the decision.
- On June 14, the company’s CEO announced laying off 18% of the staff.
Crypto exchange Coinbase‘s recent emails state the temporary shutting down of its US affiliate-marketing program for influencers and publishers on July 19.
The harsh decision has been taken considering the current conditions of the crypto market as well as the outlook for the remainder of 2022. Both the reasons have made it difficult to support the incentivized traffic.
Coinbase is “temporarily shutting down” its US affiliate-marketing program effective July 19th, 2022 “due to crypto market conditions.”
— Watcher.Guru (@WatcherGuru) July 16, 2022
Though the emails also mention relaunching the program in 2023, no concrete timeline has been shared.
The emails stated:
We have established many valued partnerships through our affiliation platform that we hope to renew in the future.
In June, Coinbase reduced commission rates for some influencers. According to a creator, earlier they were earning $40 per sign; however, the price declined to $2 per sign, which is way more than 90%.
Finance affiliate programs are either run through the company directly or through an affiliate marketing network. Affiliate marketing program of Coinbase was launched in 2019 and runs in collaboration with Impact to seek support for handling the rates, connecting with influencers and tracking sign ups.
The emails are undeniably unpleasant, as a number of personal-finance influencers have affiliate marketing as their source of revenue.
As reported, Coinbase has become the world’s 14th largest crypto exchange, down from the fourth position in less than a year ago.