- On July 19, cryptocurrency exchange Coinbase will indefinitely discontinue its US affiliate-marketing program.
Coinbase at a downward trend
The article said that they hate to tell everyone that Coinbase will momentarily be going to close down its Affiliate Program in the United States with an effective date of Tuesday, July 19th, citing emails that were addressed to three authors and provided to the media outlet. This has not been a simple decision, nor was it done lightly, the emails said. However, given the current state of the cryptocurrency market and the expectation for the rest of 2022, Coinbase has been unable to continue sponsoring rewarded traffic to its site. According to the report, the corporation stated that it will revive the program in 2023 but did not provide a specific date in the email.
The development occurs at a time when volumes of cryptocurrency trade, which have dropped by more than 80% since March of this year, are at an all-time low.
Known short-seller Jim Chanos, who predicted the downfall of Enron in the early 2000s, stated he was gloomy about Coinbase due to its declining fee income, according to data gathered by the 5minutecoins team. Coinbase now faces more competition on its own turf thanks to Binance. In an effort to draw in more customers and cut down on the market share of the dominant player, the US, the American branch of the global cryptocurrency powerhouse, just launched zero-fee trading.