Publicly-traded U.S. crypto exchange Coinbase launched a new $2 million ad campaign aimed at Latino voters and consumers.
According to a June 20 Reuters report, the campaign is part of the broader crypto industry’s efforts to garner support from politicians who are favorable to their cause. The ad campaign promotes cryptocurrency as an efficient and cost-effective means of sending money abroad.
It features a young man using Coinbase’s USD Coin to send financial aid to his grandmother in Mexico, highlighting the fact that using the Coinbase Wallet app incurs no fees, in contrast to the typical 6.18% charged by traditional money transfer services.
The report follows former House Speaker Paul Ryan recently urging lawmakers to consider creating a suitable crypto regulatory framework. He highlighted his belief that stablecoins could result in a stronger dollar:
A sound, predictable regulatory framework for stablecoins has bipartisan support in Congress and would help dramatically expand the use of digital dollars at a critical time. In an election year, given all the ugly politics to come, we sure could use a win.
Highly targeted advertisement
To maximize its reach among Latino viewers, Coinbase will advertise during the Copa America soccer tournament on Univision. The campaign focuses on California, Texas, and Washington D.C. Former Los Angeles Mayor Antonio Villaraigosa endorsed the campaign:
Our traditional financial system is not working for communities of color, who experience disproportionate barriers to wealth-building at every turn.
A 2022 Mastercard survey revealed that Latin American consumers are increasingly seeking cryptocurrency and digital payment-related services, with 51% of respondents having already made a transaction using crypto. The survey also found that 86% of Latino consumers used at least one emerging payment method in 2022, indicating a growing adoption of new financial technologies in the region.
Coinbase’s ad campaign is just one of many advocacy initiatives undertaken by the company and the broader crypto industry. In August 2022, Coinbase launched Stand With Crypto, a tax-exempt social welfare group representing cryptocurrency owners and voters. The organization has rapidly grown to over 1 million members, underscoring the significant voting influence of the crypto community.
The crypto industry has also spent tens of millions of dollars on U.S. elections this year, targeting specific races and donating to pro-crypto PACs. The $78 million donated to Fairshake by industry firms including Coinbase is one such example.
