Coinbase is temporarily shutting down its affiliate-marketing program in the US. The crypto exchange will suspend its program from July 19th, citing the current market conditions and the negative outlook for the crypto industry.
Ben Armstrong, a major crypto influencer and creator of Bitboy Crypto has warned his followers that the recent history suggests that Coinbase could be in trouble of insolvency. Mike Dudas, the Co-founder of 6th Man Ventures, has also called the crypto exchange’s NFT platform a failed launch and dead-on arrival.
The company reported that its first financial quarter results are directly impacted by market volatility. They reported a financial loss of $430 million in the first quarter of 2022. Trading volume and assets on the platform both saw a significant decline.
Coinbase’s share prices have fallen by nearly 85%, from an all-time high of $357 to the current $53.79. They also revealed that they will decrease their workforce by 18% as a cost-cutting mechanism.
