Is Crypto Exchange Coinbase The Next To Go Under? Here’s What’s Going On
— Crypto, Affiliate, Coinbase, Market, Exchange, Heres, Program, Armstrong, Share, Shut — 1 min read
Business Insider reports that leading US-based crypto exchange will temporarily shut down affiliate market program in the U.S. on July 19. Company hopes to relaunch the affiliate platform in 2023. Goldman Sachs downgraded its recommendation on Coinbase from “neutral” to a “sell” due to the crypto meltdown and ensuing fall in revenue. The exchange also laid off 18% of its workforce in June to ensure its survival. Other crypto observers agree that all this, coupled with the fact that Coinbase is also planning to shut down its professional trading platform, Coinbase Pro, are major red flags. If the exchange becomes insolvent, it would “break the crypto space like we have never seen before” - BitBoyCrypto founder Ben Armstrong. Source