Rumor: Coinbase is ‘temporarily closing’ its US affiliat e-marketing program

[rat03gopoh]

Leaked emails: Crypto exchange Coinbase is ‘temporarily closing’ its US affiliate-marketing program

“We regret to inform you that Coinbase will be temporarily closing its affiliate program in the United States with an effective date of Tuesday, July 19th,” the email said. “This is not an easy decision, nor was it taken lightly, but due to crypto market conditions and the outlook for the rest of 2022, Coinbase is unable to continue to support incentive traffic on its platform.”

A long enough rest plan, could this mean another sign of significant decrease in business revenue, active users, or something? Considering this exchange is based in the US which has more potential to get lots of local business partners and new users than any other country as far as their KYC rules are that strict.
Let's see waht will happen on July, 19th.

The change comes at a time when Coinbase is grappling with a crypto crash.

On June 14, Coinbase CEO Brian Armstrong announced in a blog post that the company was laying off 18% of its workforce, or about 1,100 employees. On Friday, Bloomberg reported that Coinbase is now the 14th largest crypto exchange in the world, up from the fourth position a year ago.

Prior to this recent affiliate news, Coinbase reduced commission rates for some influencers in June. One creator who was earning $40 per sign up in early 2022 said they saw that amount drop by more than 90% to $2 per sign up.

Things are though all over!

[Rikafip]

I don't see this as particularly bad news as many influencers won't have a reason to shill Coinbase to their followers anymore. And another good reason to remove your money from Coinbase as they might have liquidity issues.

[Lucius]

It has been speculated for some time that they are not doing very well, but the fact that they fell by even 10 places in just one year in the category of the largest crypto exchanges really surprised me. We all know that times are tough, but a company like that should be able to deal with it much better than making such sharp cuts on all sides.

What is Bankman waiting for? They say he has a lot of money that he distributes around, so let him help colleagues in need💰

[bullrun2024bro]

It has been speculated for some time that they are not doing very well, but the fact that they fell by even 10 places in just one year in the category of the largest crypto exchanges really surprised me. We all know that times are tough, but a company like that should be able to deal with it much better than making such sharp cuts on all sides.

Do you have a link to the news/data? How reliable is the data on their trading volume compared to other exchanges? Especially at CMC or other ranking websites you can often find exchanges with unbelievably high volumes in the top places - whether these volumes are all real I dare to doubt.

But of course, that doesn't hide the fact that Coinbase is having massive problems in the current bearish market environment. The Coinbase stock price has also fallen sharply during the past months. Since the IPO in April 2021, we are down more than -81%. Yikes...



Source: Google Coinbase Stock overview

[Lucius]

Do you have a link to the news/data? How reliable is the data on their trading volume compared to other exchanges? Especially at CMC or other ranking websites you can often find exchanges with unbelievably high volumes in the top places - whether these volumes are all real I dare to doubt.

The link is posted in OP and actually the source should be in the e-mails that were leaked to the public - now it remains questionable whether these are authentic e-mails. I think that the result of their downward trajectory is that they did not know how to respond to the moves of the competition, which obviously took away a portion of their users, in addition to the fact that the current situation is also not in their favor.

As for the trading volume, I don't know how sites like CMC get these data, but you should know that their owner is CZ, and that it is not surprising that his exchange is at the top. Considering how popular CMC is, maybe now some people are sorry that they weren't the ones who bought it a few years ago.

[passwordnow]

I've read this article related to the shutting down of their affiliate program in the US.
Coinbase Cites Bear Market for Suspending Affiliate Program With Influencers: Report
So, the report was from Business Insider but until now, there's no official announcement from Coinbase. I've looked into their blog site and still no announcement.

[stompix]

As for the trading volume, I don't know how sites like CMC get these data, but you should know that their owner is CZ, and that it is not surprising that his exchange is at the top. Considering how popular CMC is, maybe now some people are sorry that they weren't the ones who bought it a few years ago.

They rely too much on the API exchange provide, on CMC Coinbase is 11th on Coingecko it's on 7th, but looking at what's in fronT, P2PB2B the mother of all scma tokens, Citex which looks and sounds really really shady, Token can that claims a 2% depth of $4,936,223,585,853.22...common.
Probably by real volume including their app Coinbase is sitting strong on the second spot.

I don't see this as particularly bad news as many influencers won't have a reason to shill Coinbase to their followers anymore. And another good reason to remove your money from Coinbase as they might have liquidity issues.

Oh, fewer youtube videos of guys posing with scared, laughing, shouting faces and stupid graphs, making 30 minutes videos of nothing just to cram more adverts and telling you 100 times to like hit subscribe, and use their ref links to support the channel in my recommendation feed?
What could be better? 

Besides, from Coinbase's point of view, why pay those guys 40$ when right now, I doubt even newbies who have barely heard of cryptos know about Coinbase already, one google search does more than 1000 "influencers".

The clear example is this article itself, which is a rewrite of the original at
https://www.businessinsider.com/coinbase-temporarily-shutting-down-us-affiliate-marketing-program-for-influencers-2022-7

but...

Coinbase did not immediately respond to a request for comment.

vs:

In response to request for comment about the affiliate marketing program, a Coinbase spokesperson wrote in an email:

"As shared in our Q1 Shareholder Letter, the majority of our marketing spend is oriented towards performance marketing. Affiliate marketing is one of many supplemental levers we employ to reach target audiences, and the temporary pause of the program is in no way indicative of a liquidity problem. As a publicly traded company, our strong balance sheet is transparent to the public. We look forward to working with many of our incredible partners and web3 creators in the future."

So do we need latestfinance.news  at all? 

[bullrun2024bro]

The link is posted in OP and actually the source should be in the e-mails that were leaked to the public - now it remains questionable whether these are authentic e-mails. I think that the result of their downward trajectory is that they did not know how to respond to the moves of the competition, which obviously took away a portion of their users, in addition to the fact that the current situation is also not in their favor.

I think you misunderstood me, I asked if there is a link/screenshot to an overview of the volumes of each exchange - aside from the publicly available data on CMC or Coingecko, which I don't trust very much.

As for the trading volume, I don't know how sites like CMC get these data, but you should know that their owner is CZ, and that it is not surprising that his exchange is at the top. Considering how popular CMC is, maybe now some people are sorry that they weren't the ones who bought it a few years ago.

I agree. All information about Binance should be taken with a pinch of salt on CMC. Also, in my opinion, far too little is done against wash/fake trading on many exchanges when reporting volumes. Some exchanges with only a few users have gigantic trading volumes that can hardly ever be real.

[rat03gopoh]

The link is posted in OP and actually the source should be in the e-mails that were leaked to the public - now it remains questionable whether these are authentic e-mails.

Not sure if the termination of this kind of program will have an official ann. So far there is no opposition from the coinbase to the rumors that are spreading.
Need more proof whether the rewards rates as described are currently working.

[Darker45]

There are enough reasons to believe that this is all true. Apparently, it isn't just Coinbase that's having a hard time right now. After all, what's happening right now is market-wide and every single crypto company must have been affected one way or another. Just like the other crypto companies, Coinbase was also forced to cut costs in whatever way possible. As a matter of fact, not only was the company forced to lay off some 1,100 of its workers, it also revoked job agreements.