Coinbase Affiliate Program shutdown
Credits: Blogging Lizard

Coinbase’s Affiliate program shutdown as the exchange seems to be in turmoil in the market

Details about Coinbase’s Affiliate Program.

Coinbase, also happens to be one of the largest cryptocurrency exchanges in the world, which visions in serving the best to the customers as well as is on a quest to revolutionize cryptocurrency in the world.

The Affiliate Program or the referral program by Coinbase, actually allows its current user to refer Coinbase as the cryptocurrency exchange and gain a lot of benefits. The program essentially will generate a unique referral code on the request of its existing user, which the user can forward to the person who will be signing up with Coinbase. Coinbase also announced many kinds of bonuses for both the users once there is a crypto trade operated via Coinbase by the new referral. It also mentions that Coinbase’s pro accounts are not eligible for a referral bonus.

Coinbase Planning to halt the affiliate program owning to market conditions.

As the market crashed in May, the situation for all the crypto players has been devastatingly bad. The cryptocurrency investors lost their savings and a lot of money they had stored for important necessities during the course of the life.

Since market crash impacted Coinbase drastically, the cryptocurrency exchange went on to decide that it’s affiliate program should not be launched as yet as more customers would mean more transactions and trading activity, for which the company might struggle to give returns.

Leaked Emails of Coinbase.

According to the leaked emails of Coinbase, Coinbase is possibly undergoing a major liquidity issue and as the issue seems more complicated than it seems from outside, the company announced telling the customers that the affiliates program has come to a halt.

Outflows from the company.

According to the reports, it is known that a lot of outflows are currently happening in the company which is derailing the company further from its track. Around 50% of stablecoins on Coinbase Pro Left exchange which valued at approximately $248 Million left the crypto exchange.

Many crypto experts come in support of the cryptocurrency exchange.

Crypto Experts coming in support of Coinbase
Credits: TIME

As the rumor about Coinbase’s liquidity issue spreads across the market, many crypto experts are coming in support of the exchange and denying that the company is not into any kind of liquidity issues. Let’s look at the tweet from Dan Held.

The developer of the affiliates program NJ Skoberne was also observed saying that the company has not shutdown the program due to liquidity issues but the main reason for the halt in the program is something else.