Coinbase Super Bowl ad hailed for being a major success

Coinbase’s $13M investment in a Super Bowl ad was definitely worth it. Following the ad, the Coinbase site and app received overwhelming traffic that caused a brief outage.

The largest exchange in the US joined other competitors such as FTX and Crypto.com to promote their platforms during the Super Bowl. The Super Bowl is the most-watched sports event in the US, with an estimated audience of over 90 million people.

Coinbase simple ad pays off

The Coinbase marketing team went with a simple strategy that has surely paid off. The exchange put up a QR code that moved from one corner of the television screen to the other. The ad lasted for around 60 seconds.

Following this ad, many people watching this Super Bowl event took out their phones to scan the code. When one scanned the code, it directed them to the Coinbase promotional website, where the exchange announced that new users that signed up would receive $15 worth of Bitcoin. 

Users that want to claim this offer have until February 15 to redeem the $15 worth of free crypto. A few minutes after the ad aired, reports on social media stated that the Coinbase website had crashed due to the influx of many customers on the platform.

Coinbase has since stated that the website has been fully restored. The Chief Product Officer at Coinbase, Surojit Chatterjee, said that the exchange had recorded “more traffic than we have ever seen.”

The outage on Coinbase servers on Sunday came just two days after the company was warned by a white hat hacker about a vulnerability in its trading infrastructure. Coinbase halted trading on its newly launched Advanced Trading platform following this alert.

Crypto firms invest in Super Bowl ads

Cryptocurrency firms have rushed to invest in cryptocurrency ads. Besides Coinbase, the others that have also secured ad space during this sports event include FTX and Crypto.com. The ads posted here promoted crypto exchanges, non-fungible tokens (NFTs) and other related products.

Meta, formerly Facebook, copied Coinbase’s marketing style of the QR Code, and it posted a bouncing QR code on its Twitter account, leading to its VR after-party led by Foo Fighters.

The post Coinbase Super Bowl ad hailed for being a major success appeared first on Invezz.