Coin Edition -
- Prominent crypto companies will stay away from advertisements during Super Bowl LVIII.
- Kraken shifts its focus to investing in fostering crypto education and awareness.
- Coinbase (NASDAQ:COIN) will invest in lobbying Congress for comprehensive crypto legislation and campaigns for crypto-friendly political leaders,
The annual Super Bowl LVIII sparks curiosity among crypto enthusiasts regarding a potential “no Super Bowl crypto ads’ year, similar to last year. The latest Fox Business report indicated that the crypto companies, including Kraken, would move away from advertisements as they lack sufficient funds.
In 2022, most crypto platforms spent a lot of money on advertisements and promotions during the Super Bowl. Many prominent firms, including Coinbase, Crypto.com, and Limit Break, spent millions on 2022’s Super Bowl crypto ads. However, 2023 marked a deep silence due to the prolonged crypto winter.
The bankrupt crypto exchange FTX invested over $10 million in an ad starring Larry David just nine months before the exchange collapsed. Later, David commented that he regretted being a part of the ad after FTX’s fall. Narrating about how he encouraged millions to watch “the next big thing,” he stated, “So, like an idiot, I did it.”
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Kraken, the second largest crypto exchange in the United States, shed light on the US-centric event, which in the upcoming years would see participation from crypto users across the world. The platform asserted that they are not participating in the Super Bowl crypto ad. Pointing out the platform’s shift in focus, Kraken cited,
If the last wave of crypto marketing was all about hype and FOMO (Fear of Missing Out), this current wave has to be rooted in education and awareness for the substance and true value proposition of crypto as a movement that will bring financial freedom and inclusion.
In addition, the article stated that Coinbase has also decided to avoid investing in crypto ads. Instead, the platform has directed money to lobby Congress to frame clearer crypto legislation. In addition, Coinbase would also invest in campaigns for crypto-friendly political leaders ahead of this year’s elections.
The post Kraken Focuses Shift to Fostering Crypto Education and Awareness: Report appeared first on Coin Edition.