Coinbase’s controversial new ad split the UK’s crypto community. The commercial depicts a grim economic future for Britain, but doesn’t propose the benefits of Web3 as an alternative.
Some commentators loved the ad, while others feared that Britons outside the crypto community would find it distasteful. Either way, the commercial has become viral on social media.
Coinbase’s Controversial UK Ad is Drawing Debate Across the Board
Coinbase, one of the world’s largest crypto exchanges, has set some ambitious goals lately, and market expansion is a big piece of that. To that end, the firm attempted to air a commercial on British television, but it was subsequently banned.
As Coinbase founder Brian Armstrong weighed in, the controversy has split opinions throughout the UK.
Crypto-specific British communities enjoyed Coinbase’s ad, while more generalized UK forums disapproved.
Coinbase depicted a dour economic future for the UK, with chaos, layoffs, street garbage, a high cost of living, and elites abandoning the country for sunnier shores.
However, the ad didn’t depict Coinbase’s own operations in any capacity, only flashing the exchange’s name at the end. Wintermute CEO Evgeny Gaevoy wanted a more positive vision.
“I think this ad was a mistake and a missed opportunity. You’ll end up alienating people living in UK (because a hyperbolic depiction of everything wrong inevitably makes people defensive). You could have made it about the Online Safety Act, cypherpunk values, etc, and gotten your point across a lot better,” he claimed.
To be clear, he didn’t disagree with the ad’s grim depiction of Britain’s economic future. Rather, is this the best way to tell the UK about Coinbase?
Crypto’s decentralized ethos is especially relevant in light of Britain’s controversial new age verification laws. However, this commercial doesn’t give the audience a real reason to choose Web3 instead.
Several prominent UK crypto enthusiasts agreed with this characterization, pointing out that Coinbase is an American company. This mocking tone might come across as condescending to the general public, especially without stating crypto’s benefits.
Still, the commercial certainly has vocal fans, and it’s hard to say which camp is larger.
Coinbase tried a similar tactic in the UK in 2021, when its ad was pulled for being “irresponsible and misleading.” This new commercial is trending on social media after the ban, so it’s getting the chance to convince a huge audience. The only question, then, is how this hype will translate to new users.
Britain is in dire need of positive crypto representation, especially in light of growing institutional hostility and a possible government BTC sell-off. Yet, digital asset marketing remains a major hurdle for companies trying to enter this market.
The post A New Coinbase Ad Is Causing Major Controversy in the UK appeared first on BeInCrypto.
Source: https://beincrypto.com/coinbase-uk-crypto-ad-controversy/