Crypto Super Bowl ads fail to spur immediate uptick in new users
BNN Bloomberg
Cryptocurrency-trading platforms drew national attention with star-studded Super Bowl ads, a first-time appearance for many in the industry. However, it didn’t yet translate to a flood of new users on their apps.
Cryptocurrency-trading platforms drew national attention with star-studded Super Bowl ads, a first-time appearance for many in the industry. However, it didn’t yet translate to a flood of new users on their apps.
Coinbase Global Inc., FTX Trading Ltd. and Crypto.com all released advertisements during the National Football League’s championship game between the Los Angeles Rams and Cincinnati Bengals on Sunday. Yet the exchanges and investing platform eToro all saw a decline in U.S. app store downloads over the week prior to Sunday, according to research firm Apptopia.
Coinbase, the largest U.S. crypto exchange, emerged on Monday in the second highest slot on Apple Inc.’s app store rankings of top free apps. However, the meaning of the rank -- driven by an unknown algorithm -- is little understood, with some analysts under the belief it’s based on usage and velocity of downloads.
Coinbase was the clear winner of the group, and likely came in with the most brand recognition, said Adam Blacker, vice president of insights at Apptopia.
The trading platform released a minute-long ad of a blank screen and a moving QR code, prompting viewers to scan the mobile barcode to learn more.
