US crypto exchange Coinbase has just announced it has temporarily shut down its influencer marketing program in the US, Business Insider has reported referring to emails sent by the platform to participants in the initiative.
According to the publication, the company has informed influencers interest payments will be suspended as of today, July 19. As part of the collaboration, the influencers attracted new users to Coinbase through social networks.
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Coinbase has previously announced a staff cut of about 18% due to the crypto winter as well as the closure of its platform for professional investors Coinbase Pro.
The exchange suffered a net loss of $429.7 million during the first quarter of the year.