Coinbase Launches $2 Million Ad Campaign Targeting Latino Voters

Related Articles

Will the Metaverse Be Powered by Crypto, or Will It Find a Different Fuel?

July 10, 2024

Is blockchain technology overhyped, or the next big revolution?

July 10, 2024

Will Governments Eventually Ban Cryptocurrencies, or Embrace Them?

July 10, 2024

Coinbase, a leading cryptocurrency exchange, has announced a $2 million advertising campaign aimed at Latino voters and consumers. This initiative is part of the broader effort within the crypto industry to gain political support from elected officials.

The campaign promotes cryptocurrency as a viable means for sending money overseas. As reported by Reuters on Thursday, the advertisement showcases a young man sending financial support to his grandmother in Mexico, emphasizing the practical benefits of crypto transactions.

A key message of the campaign is the cost advantage of using USD Coin on the Coinbase Wallet app, which incurs no fees, compared to the average 6.18% fee charged by traditional money transfer services. The ads will be broadcast during the Copa America soccer tournament on Univision, targeting audiences in California, Texas, and Washington D.C.

Former Los Angeles Mayor Antonio Villaraigosa, in a statement associated with the campaign, highlighted the inequities in the traditional financial system, particularly for communities of color. He stated, “Our traditional financial system is not working for communities of color, who experience disproportionate barriers to wealth-building at every turn.”

Despite multiple requests, Coinbase has not commented on the campaign.

Growing Demand for Crypto Solutions Among Latin Americans

A 2022 survey by Mastercard revealed a significant demand for crypto and digital payment services among Latin American consumers. The survey found that 51% of respondents in the region had already conducted transactions with cryptocurrencies, and 86% had used at least one emerging payment method in 2022.

Crypto Industry’s Advocacy and Political Influence

Coinbase’s latest ad campaign aligns with its ongoing advocacy efforts. Last August, the company launched Stand With Crypto, a 501(c)(4) organization representing cryptocurrency-owning voters. This group has rapidly grown to over 1 million members, demonstrating the substantial influence of crypto users in the political arena, as noted by Coinbase CEO Brian Armstrong.

This campaign is part of a larger trend in which the crypto industry has invested tens of millions of dollars in the 2024 US elections. These efforts include targeting specific races and contributing to pro-crypto political action committees (PACs), such as Fairshake’s $25 million donation from Coinbase. Other major crypto entities, including Ripple and Andreessen Horowitz, have also made significant contributions.

Political Endorsements and Crypto Donations

The political stakes are high, with industry leaders like billionaire Mark Cuban suggesting that the 2024 US presidential election could be influenced by the candidates’ positions on cryptocurrency. Cuban remarked, “Biden has to choose between Gensler or crypto voters, or it could cost him the White House.”

In support of former President Donald Trump, the Winklevoss twins recently announced a $1 million Bitcoin donation each. This substantial backing underscores the crypto industry’s strategic moves to ensure favorable regulatory and legislative outcomes.

This robust engagement from the cryptocurrency sector indicates a significant push to secure a favorable environment for digital assets, reflecting both the industry’s growth and its increasing political clout.