Coinbase and eToro, two of these startups, marketed last year.
In responses to Crypto Slate this week, four cryptocurrency exchanges and trading platforms acknowledged that they had not placed a Super Bowl commercial.
Coinbase, which advertised during Super Bowl LVI in 2022, has stated that it will not do so this year. A Coinbase representative stated:
“While we are incredibly proud of our first national ad, which debuted at last year’s Super Bowl, we won’t be appearing in this year’s game.”
eToro, a stock and cryptocurrency trading platform that advertised at last year’s event, has announced that it will not promote this year. It cited its internet presence as the primary reason for rejecting to promote. According to an eToro representative:
“[We] had no plans to advertise in this year’s Super Bowl. We’ve always been dynamic in our marketing approach. We’re multi-channel with a strong focus on online.”
Meanwhile, Binance slammed the concept of crypto businesses advertising at the event. The company’s Chief Strategy Officer, Patrick Hillmann, wrote:
“We’ve never run a Super Bowl ad because we don’t believe it’s an appropriate vehicle to introduce new users to crypto …. Unlike a light beer or a new car model, a lot of education has to be done with new users before they should consider investing in crypto.”
Hillmann went on to add that a 30-second ad piece is “not a wise use of resources” and that such a campaign might entice customers while failing to adequately identify hazards.
Kraken has said that it would not be advertising during the tournament. According to a spokesperson:
“We are not advertising at Super Bowl LVII. We’re always searching for creative ways to bring Kraken into the forefront of consumer’s minds, but right now we are focused on strategic execution.”
Kraken, according to that source, is “emphasizing methods to do right by our clients” through security features, customer assistance, and service enhancements.
Crypto.com, Robinhood, Gemini, Binance.US, Grayscale, ByBit, and Blockchain.com were also contacted. Neither of these businesses responded.
The Associated Press reported on Feb. 6 that no crypto trading platforms have booked Super Bowl advertising this year, without citing any firm announcements. Four cryptocurrency businesses allegedly came close to agreeing on an ad arrangement but withdrew amid the market drop in November. It is still unknown whose companies were among the possible marketers.
Last year, Coinbase, Crypto.com, eToro, and the now-defunct FTX promoted during Super Bowl LVI on Sunday, February 13, 2022.
This year’s Super Bowl LVII will be held on Sunday, February 12.
