Coinbase’s $2 Million Crypto Ad Campaign Targets Latino Voters
Coinbase is spending $2 million on ads aimed at Latino voters and consumers, part of the crypto industry’s effort to get supportive politicians in power.
The new ad campaign promotes crypto as a way to send money overseas. Reuters reported Thursday that it features a young man sending financial aid to his grandmother in Mexico.
Promoting Zero-Fee Transfers
The ad highlights that using USD Coin on the Coinbase Wallet app incurs no fees. This contrasts with the typical 6.18% charged for traditional money transfers.
To reach Latino viewers, Coinbase will advertise during the Copa America soccer tournament on Univision. The focus will be on California, Texas, and Washington D.C.
“Our traditional financial system is not working for communities of color, who experience disproportionate barriers to wealth-building at every turn”, former Los Angeles Mayor Antonio Villaraigosa said in a statement associated with the campaign.
Latin Americans Drive Demand for Crypto Solutions
A 2022 Mastercard survey showed that Latin American consumers were looking for more crypto- and digital payments-related services. Around 51% of survey respondents in the region have already made a transaction with crypto.
Latino consumers are also embracing emerging payment technologies — the survey found about 86% used at least one emerging payment method in 2022.
Crypto Advocacy Efforts Intensify as Industry Eyes Political Influence
Coinbase has previously engaged in advocacy initiatives. In August last year, the company launched Stand With Crypto, an organization representing voters who own cryptocurrencies. The Alliance operates as a 501(c)(4) entity according to the IRS, qualifying it as a tax-exempt social welfare group.
Earlier this month, Stand with Crypto exceeded 1 million members. Coinbase CEO Brian Armstrong noted that this rapid expansion underscores the voting influence wielded by cryptocurrency users.
The latest ad campaign comes alongside tens of millions already spent by the crypto industry this year on US elections, targeting races and donating to pro-crypto PACs like Fairshake’s $25 million contribution from Coinbase.
Coinbase’s donation joins similar efforts by other crypto players like Ripple and Andreessen Horowitz.
Trump Gains Crypto Voters’ Backing with Winklevoss Twins’ $2 Million Bitcoin Donation
Billionaire Mark Cuban has indicated that the outcome of the 2024 US presidential election between leading contenders Donald Trump and Joe Biden could hinge on their respective positions on cryptocurrency.
“I have said many times that Biden has to choose between Gensler or crypto voters, or it could cost him the White House”, Cuban said.
In a show of support, the crypto industry is backing Trump with substantial donations. This week, the Winklevoss twins announced they each donated $1 million in Bitcoin to endorse Trump.
