Will This New Model Replace Affiliate Programs?
Recently Bitfinex have been unveiling plenty of new features and functionalities. This includes public leaderboards, and it was also the first major exchange to include support for the Lightning Network. In the ever-competitive world of cryptocurrency exchanges, these new features guarantee that Bitfinex will remain relevant.
Earlier today Bitfinex announced a move that could make not only clients happy, but also developers. Essentially, they will begin awarding developers for API integrations as opposed to a standard affiliate program. Bitfinex's CTO, Paolo Ardoino claimed that this is more beneficial to developers since affiliate programs can only reward new user registration.
And this is how you support developers.â Paolo Ardoino (@paoloardoino) December 5, 2019
Affiliate programs are limited because reward only new user registrations.@bitfinex made a step further allowing developers to earn from the quality and popularity of their libraries and integrations with #bitfinex APIs. https://t.co/qBpLdOFTXx
Some developers might prefer tried and tested affiliate marketing models as they have been around for years. Should this program be as beneficial as claimed, we could see more developers building functionalities for Bitfinex. Hypothetically it could change the way developers are compensated for their work on third-party software.
The biggest challenge that Bitfinex currently faces is probably the few courtcases against them. If Bitfinex manages to settle their lawsuits and keeps on innovating, we will likely keep hearing about them as a leading exchange.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado