Binance (BNB-USD) is certainly one of the most cutthroat crypto companies in the world. It’s also the largest exchange around, complete with its own DeFi platform and blockchain. Flush with cash and helming one of the most robust ecosystems on the market, the company has also maintained its composure better than others during market tribulations. As it continues to demonstrate, Binance is willing to go to great lengths to put pressure on the competition. This time, it’s launching a new affiliate marketing program.
Today, plenty of crypto companies are in dire straits. Capital has been rushing out of the market for a while now, fueling the collapse of the crypto bubble. Now, many projects are in various states of debt or bankruptcy. Even those that don’t fear insolvency are still getting hit hard; names like Coinbase (NASDAQ:COIN), Gemini, Crypto.com and BlockFi have all laid off scores of employees or rescinded hiring offers.
Being the monolith that it is, though, Binance has only taken superficial damage from the crash. It’s making an offensive push alongside the equally monolithic, Sam Bankman-Fried founded FTX. As FTX bails out BlockFi and Bankman-Fried side project Alameda Research bails out Voyager Digital, Binance CEO Changpeng Zhao says his company is looking for its own deal. “I think you will see that we will be investing, bailing out, saving multiple projects,” he told Decrypt.
Even as it waits patiently for perfect deals, Binance is running laps around the competition. Recently, it dropped fees from Bitcoin (BTC-USD) trades on the platform. This week, it’s taking things even further, capitalizing on the struggles of Coinbase.
Binance Announces New Marketing Program
Binance is crushing the competition, including Coinbase, its biggest U.S. competitor. Coinbase continues to struggle, cutting fat from its budget every week to try and weather the storm. As the company axes yet another program in an effort to save a buck, Binance is implementing a largely similar program of its own.
Earlier this week, Coinbase cut its budget again by getting rid of its affiliate marketing program. This program saw affiliates — online influencers approved by the company — creating promotional content for the exchange. Those who succeeded in bringing new users to the platform earned a commission.
Not long after the program’s suspension, Binance announced its own affiliate marketing program. Now, users can apply to become affiliates for Binance.US, the U.S. arm of the company. The company is also offering some very attractive compensation; affiliates earn 20% commission on new users’ trades and a $10 bonus. The company says affiliates can potentially earn up to $1,000 with each new user.
According to a representative, Binance.US is “leaning in while competitors and peers pull back in the current market environment.” This competitiveness continues to show through in Binance’s astonishing market performance. In the last day, Binance has moved over $21 billion in crypto assets across its exchange floor. Meanwhile, Coinbase and even FTX have each only processed about $3 billion.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
