- Coinbase is “temporarily shutting down” its US affiliate-marketing program
- The exchange is still promoting its platform in other ways, including on social media.
- Coinbase has been one of the most active exchange in the cryptocurrency industry
Coinbase is “temporarily shutting down” its US affiliate-marketing program effective July 19th, 2022 “due to crypto market conditions.” The move may therefore affect Coinbase’s ability to drive new customers to its platform through existing ones.
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The report cited an email sent by Coinbase to its affiliates. In the email, Coinbase said that it would no longer pay out commissions for new customers starting July 19th.
“We have made this decision due to current crypto market conditions,” the email read. “We will re-evaluate our position as market conditions change.”
Coinbase has been one of the most active companies in the crypto space when it comes to marketing and user acquisition. The company has spent millions of dollars on advertising, and its affiliate program has been a key driver of new users.
However, with the current market conditions, it appears that Coinbase is no longer willing to spend money on acquiring new customers. This is likely due to the fact that the crypto market has been in a slump for the better part of the year, and Coinbase is feeling the pinch.
It’s worth noting that Coinbase isn’t the only company to pull back on marketing spending in the current environment. Crypto startups have been cutting back on their marketing budgets across the board, as the industry enters a period of consolidation.
It remains to be seen how long Coinbase will keep its affiliate program shut. The company did not give a timeline in its email to affiliates, and it’s possible that the program could be reinstated if and when the market conditions improve.
In the meantime, however, Coinbase is still actively marketing its platform in other ways. The company recently launched a new ad campaign that is aimed at mainstream users.
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