Reports of no crypto-related advertisements being premiered at the annual Super Bowl LVIII have circulated, as an executive from crypto exchange Kraken has stated that digital asset trading platforms are now focused on educating investors about the significance of blockchain technology and tokenization services.
As reported earlier by TheCoinRise, leading crypto trading platforms like Kraken and Coinbase have chosen to forgo advertising during the big game despite the previous year’s game being dominated by cryptocurrency ads, mostly from the now-bankrupt exchange, FTX. The focus of these exchanges has shifted to younger and predominantly female audiences who may not have seen a single Super Bowl game.
Kraken Execs Weighs in
The chief marketing officer at Kraken, Mayur Gupta, has highlighted a change in the promotional strategy of digital asset trading platforms, where they are moving away from generating hype towards educating people about the potential of digital assets and the benefits of using them in daily life.
“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,” Gupta said.
Super Bowl Mainly Caters to an American Audience
The Kraken executive noted that the Super Bowl is mainly focused on the American audience, and the rest of the world does not follow the game with the same enthusiasm. Gupta believes that the next wave of digital asset adoption will come from around the globe, not just America.
In a statement given to Fox Business, the Kraken marketing chief also said that his exchange is now focused on generating a more global appeal.
“The Super Bowl is a very U.S.-centric event, and the next wave of crypto users will come from all around the world, not just the United States,” he stated.
No Bitcoin ETF Ads?
It was speculated that the Super Bowl might feature advertisements for the newly approved eleven-spot Bitcoin exchange-traded funds (ETFs). Recently, Instagram, Facebook, and even Google decided to greenlight the promotional campaigns from leading asset management firms like BlackRock and Grayscale.
A Super Bowl with no crypto ads will be a good sign
— VanEck (@vaneck_us) February 7, 2024
Kraken Expands Outside the US
As recently reported, Kraken has decided to expand operations outside the US, recently securing Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB).
The exchange’s goal is to establish a robust regulatory framework that aligns with evolving compliance standards in the cryptocurrency industry.