Crypto industry snubs Super Bowl because Kraken says event does not have global reach| Trending Viral hub

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Several leading crypto companies including crypto exchange Krakenopted not to run ads during the annual Super Bowl LVIII in the US as it aims to attract a more global audience.

“The Super Bowl is a very American-centric event, and the next wave of cryptocurrency users will come from all over the world, not just the United States,” Mayur Gupta, chief marketing officer at Kraken, told FOX Business.

Cryptocurrency exchange Kraken to close operations in Japan after massive job cuts

Kraken focuses on crypto education rather than generating buzz

Gupta also emphasized a transition in crypto advertising that goes beyond simply generating hype and focuses more on educating the public about cryptocurrencies and their associated benefits.

“If the last wave of crypto marketing was all about hype and FOMO (fear of missing out), this current wave has to be rooted in education and awareness about the substance and true value proposition of cryptocurrencies as a movement that will bring financial freedom and inclusion,” said the Kraken executive.

In 2022, the annual sporting event was renamed the “Crypto Bowl” as cryptocurrency commercials dominated the game’s ads. FTX emerged as a major advertiser that year with an ad starring comedian Larry David.

Companies like Coinbase, Crypto.com, and eToro were among other cryptocurrency giants that invested heavily in 30-second commercials during the biggest NFL game of the year in 2022.

However, Super Bowl LVII Banned Crypto Ads in 2023 as crypto companies battled layoffs, bankruptcies, and intense legal scrutiny following the collapse of FTX in late 2022.

There will be no Bitcoin ETF ads at the Super Bowl

The ban was lifted for this year’s event, but major companies decided not to use their platform to reach the more than 100 million. spectators The sporting event has been drawn annually since 2010.

The world’s largest asset manager, BlackRock, also chose not to reserve advertising space for its Bitcoin Spot ETF (exchange-traded fund). That’s because speculation grew about an ETF ad appearing in the Super Bowl following the recent approval of the investment products by the Securities and Exchange Commission.

On February 8th mailasset management firm VanEck said no crypto announcement at the event “will be a good sign.”

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