Coinbase Launches A New Affiliate Referral Program As Crypto Company Looks To Boost Adoption

Coinbase Launched A New Referral Program

Coinbase, like KuCoin and Binance, has decided to launch an affiliate program. The program will reward sites and blogs for any successful referrals. With the new program, blog and site owners will be able to cash in on the Coinbase referrals.

Details Of The Announcement

According to the announcement, Coinbase affiliates will get 50% of the trading fee from the referral for the first three months. The fee will apply for both the sell and buy orders. It will work for both PayPal and crypto payout. Additionally, Coinbase will offer those in the referral program promotional assets and tracking tools.

It would appear that the program by Coinbase is more selective compared to programs run by KuCoin and Binance. The programs on those exchanges let investors earn a percentage of the trading fees from all their referral.

The Goal

Coinbase appears to have a focus of getting more people onto the exchange in a bid to end the crypto winter of the past 13 months. It has even been reported that Coinbase might opt for a subscription model for investors who wish to cut back the transaction fees.

The Subscription Model

Coinbase, like many other major exchanges, gets most of the revenue from a fee charged during transactions. However, Coinbase might opt to use a subscription model for investors.

This was after they conducted a survey that showed many users favored the subscription model. The survey seemed to focus more on changing the fee structure for it to remain competitive in the crypto winter.

With this model, users would pay a monthly or annual fee that would let them access lower fees and other perks. However, the survey did not detail this potential perks. It is also worth noting that simple surveys like this do not always lead to any service changes.

Monetizing The Active Users

A recent report showed that Coinbase has the most active daily users of all crypto exchanges. The exchange has about 100 thousand more active traders than Binance. In fact, it has nearly four times as many active users as the third and fourth exchanges.

However, each user only contributed a small amount to the trading volume. Coinbase was ranked the lowest in terms of transaction volume of all the four exchanges at the top. Each user only contributed $189 while on Binance the figure was $2,137 per user.

The exchanges today make most of their money through fees. It is not surprising that Coinbase is looking for a new method to monetize its services. It might prove a success if they actually go ahead with it. During the crypto winter, anything that gives an exchange the edge is welcome. It is a waiting game for now. Most of the issues that come up in user surveys never end up being products.

Exchanges Unaffected By Crypto Winter

While exchanges have not seen any significant dip in trading, this might change soon if the crypto winter continues. Thus, initiatives like the affiliate program and a possible transaction model are all prudent. This will ensure that the exchange will minimize any impact to its business if the crypto winter continues for too long.

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