Coinbase Closes Affiliate Marketing Program, Raising Doubts On Strategy and Solvency

Crypto Giant Coinbase has not too long ago dropped its internet online affiliate marketing program, resulting in doubts concerning the trade’s solvency and technique.
Coinbase Affiliate Program Closing
Perhaps essentially the most well-known firm within the crypto-sphere, Coinbase, has not too long ago made the choice to halt its associates program. With this announcement coming amidst the collapse of Celsius and market-wide solvency points, speculators have develop into apprehensive about Coinbase’s personal solvency.

First reported by Business Insider, an e-mail from Coinbase to its creators said “We remorse to tell you that Coinbase might be quickly closing its associates program within the United States with an efficient date of Tuesday, July 19,” the e-mail went on to say “This isn’t a simple choice, nor was it taken calmly, however as a consequence of crypto market circumstances and the outlook for the remainder of 2022, Coinbase is unable to proceed to help incentive site visitors on its platform.”
Naturally, this has induced widespread fear amongst buyers of each crypto and Coinbase itself. With the corporate usually being thought-about as one of many most secure platforms in the marketplace, any solvency points might have large ramifications for the crypto market as a complete.
This sentiment was shared by Ben Armstrong, a well-liked crypto influencer in any other case referred to as Bitboy_Crypto.

Coinbase shut down their associates program and are eliminating CoinBase professional. Recent historical past would counsel there could possibly be hassle forward for CB so tread calmly.
If Coinbase had been to go bancrupt, this might break crypto the crypto house like we have now by no means seen earlier than.
— Ben Armstrong (@Bitboy_Crypto) July 16, 2022

Coinbase Performance
Since Coinbase ($COIN) first went public on April 14th, 2021, buyers have confronted steady disappointment. When the corporate was first publicly listed on the NASDAQ it opened at a value of $381 however within the months following the inventory trended downwards, buying and selling within the $230 area till October ’21. While the inventory value was briefly bolstered throughout late October and November (on account of the crypto uptrend), it quickly adopted the remainder of the market in a downwards spiral. After hitting highs of $365 in November, the corporate’s inventory value has since fallen considerably with it at present (18.07.22) buying and selling for simply $53.75. This marks greater than an 85% drop since November.
COIN/USD NASDAQ – Buying and sellingView
With Coinbase at present working on the forefront of the crypto business, any vital points plaguing the corporate could possibly be disastrous for the restoration of the broader market. While the probabilities of Coinbase falling into insolvency appear to be low at present, a current spell of layoffs does counsel that the corporate is specializing in lowering prices. Only time will inform if Coinbase survives within the coming months. Although the corporate appears sturdy financially, the collection of layoffs and the suspension of the Coinbase associates program suggests in any other case. Therefore, it’s clever to make use of warning in terms of storing property on the trade.
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Author: Jay LeonardJay is a UK-based cryptocurrency knowledgeable, specialising in basic evaluation and medium to long run investments.

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