The cryptocurrency brands are repositioning themselves but everyone is wondering why
Cryptocurrency was once advertised as a deviant financial future. The message is now more straightforward: dependability, openness, and trust. One crypto executive put it this way: “Boring is not terrible. “Approximately a year ago, a few crypto industry heavyweights made sassy debuts on the Super Bowl ad line-up, airing pricey ads with slogans like “Don’t miss out” (FTX) and “Fortune favors the brave” (Crypto.com). Then the cryptocurrency market crashed and FTX filed for bankruptcy.
Currently, businesses in the sector as a whole are utilizing marketing and PR initiatives to protect their brands, separate themselves from questionable players like FTX, and, in many cases, portray a friendlier face to both investors and regulators. Trading company OKX recently abandoned its plans to purchase a Super Bowl LVII advertisement as FTX started to take over the news cycle.
A few exchanges have pretended nothing has changed in the cryptocurrency world, implying that they remain aloof from the haze that has engulfed the industry.
The first brand campaign for Binance Holdings Ltd. was unveiled in November, and Cristiano Ronaldo’s NFT collection served as the campaign’s centerpiece. However, the campaign was created before FTX’s bankruptcy filing on November 11th, according to Binance. In recent weeks, many cryptocurrency players have also increased their expenditure on lobbying and public relations, either by hiring new firms or broadening the scope of their existing firms, according to executives.
Decentralized finance-based businesses, which allow users to transact in assets directly with one another on the blockchain as opposed to utilizing an intermediary platform like FTX or Coinbase, are attempting to establish themselves apart from centralized exchange companies.
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