US-based digital asset exchange Kraken and other crypto firms reportedly decided not to buy advertising space for the biggest marketing event of the year.
Fox Business reports that most major crypto companies decided not to run commercials during the San Francisco 49ers and the Kansas City Chiefs match at the Super Bowl LVIII event on Sunday.
Kraken chief marketing officer Mayur Gupta says the Super Bowl may not be the best avenue to reach the next generation of crypto users.
“The Super Bowl is a very US-centric event, and the next wave of crypto users will come from all around the world, not just the United States.
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 for the substance and true value proposition of crypto as a movement that will bring financial freedom and inclusion.”
The report also many crypto firms do not have the money they once had for advertising and the biggest companies find it more practical to use their funds elsewhere.
Coinbase, the largest crypto exchange in the US, did not run ads during the event, and neither did any of the companies that issued Bitcoin () exchange-traded funds (ETFs), including asset management titans BlackRock and Grayscale.
The U.S. Securities and Exchange Commission (SEC) greenlighted spot Bitcoin ETFs in January, but the Super Bowl ads were already sold out in November.
