Facebook Back with Cryptocurrency Ads
Crypto investors and traders were back on Facebook to ‘like’ the social media’s latest policy change – allowing ‘specific’ cryptocurrency advertisements return to its platform. The advertisements running live on the network are by US-based crypto exchange, Coinbase.
The policy change, affected by Facebook allowing advertisements for decentralized coins is not universal. The platform will permit only a handful of companies and ‘topics’ for such advertising spots. The first on its list, it appears is Coinbase.
Welcoming the strategic changes by the social media giant, Coinbase CEO, Brian Armstrong tweet showed his joy in being ‘selected’ as a chosen crypto advertisers on the largest online advertising platforms. He touted that advertising cryptocurrencies on such as widely-used platform will allow it ‘massification’ and the adoption of the ‘open financial system.’
He specifically referred to the whitelisting of cryptocurrencies thus: “Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”
Armstrong does have reason to rejoice since this gives his exchange an edge over other exchanges. Coinbase will be in direct engagement with over 2 billion users of Facebook through its advertising spots. This will soon provide a golden opportunity for the exchange to expand beyond its potential.
The pioneer-exchange is already on an expansion spree, with its recently issued pre-announcement statements on the inclusion of some smaller coins. Thus, the timing that Facebook has chosen will allow coinbase a great opportunity for self-promotion.
The number of cryptos offered on this exchange is far lesser than competitors. Hence, expectations are riding high as a bundle of coins will soon come to one of the most popular exchanges online.
Apart from its core offerings, there are management changes happening in the background. The old executives are being replaced on their Board of Directors. New tweaks and rebranding of its trading platform are also on the anvil. Gdax was the platform most traders on Coinbase used for purposes of trading on this exchange. However, in the days to come Gdax will become Coinbase Pro and will include an expanded set of services, tools and advanced dashboard features for optimized user experience.
Apart from these changes, the platform is exploring a key financial service – Coinbase Index Fund. This will be an exclusive fund for institutional partners and clients. The exchange has been re-stratifying its services as it reworks many of them exclusively for individuals as well as institutional investors.
Facebook’s move appreciated
The social media technology company had lately stopped the run of blockchain technology company advertisements. The legitimacy of cryptocurrencies is with respect to financial intermediation. The scams should be viewed as exceptions to the larger impact blockchain technology can provide society, opine experts.
As Facebook takes cautious steps to bring to its captive user base, new technologies, its role as the world’s gateway to information is once again brought to the forefront. And by choosing Coinbase, the latter’s predomination in the industry has moved a notch higher.