Facebook Enables Coinbase Cryptocurrency Ads Once AgainJuly 23, 2018
Weeks ago, after taking a careful look and reviewing their policies, Facebook took the decision of allowing once again the display of specific Cryptocurrency-related advertising.
With no intentions to block legitimate companies and knowing that Coinbase is the leading US exchange, Facebook green lit Coinbase for the promotion of its services through the social network.
This decision was announced by the Coinbase CEO, Brian Armstrong, not so long ago. He expressed so much enthusiasm for letting his team assist the growth of what was described by Armstrong as an “Open Financial System”.
Facebook Previous Banning Of Cryptocurrency Advertising
Many users remember when, earlier in the year, by the end of January, Facebook took the decision of banning all advertisements that promoted Cryptocurrencies, with no exceptions.
At the time, Facebook only wanted to prevent people from looking at advertises from “financial products or services associated with misleading or deceptive promotional practices”
It isn’t just a decision that Facebook took randomly; at the end of 2017, the Cryptocurrency business exploded higher than ever. When the price of Bitcoin reached the $20,000 mark, users witnessed how Bitcoin suddenly kept growing more and more. The number of people wanting to be inside of the crypto industry rose way too much.
While many businesses had the intention to innovate the way the Cryptocurrency industry worked, a huge number were shady businesses. They looked to capitalize by promoting scams.
It divided the user base into two, where one of the groups had a low trust on Cryptocurrency.
The problems came to the hands of Facebook and other web platforms, including Google and Twitter.
They led them to the decision of banning Cryptocurrency advertisements.
Coinbase’s Great Opportunity
Allowing Coinbase ads on this platform means a significant advantage over its other exchange competitors. Facebook advertising will let them reach the platform’s user base of more than 2 billion users active per month; this would let Coinbase to incredibly expand its reach.
Coinbase had previously announced about studying the possibility of adding more crypto-based currencies to their database, so Facebook’s decision came in great timing with Coinbase’s currently expanding business.
Facebook Recognizing Cryptocurrencies As Genuine And Legitimate Medium Of Exchange
This decision made a great impact on Facebook’s vision regarding Cryptocurrencies and their legitimacy.
This won’t evade the fact that there may be a business with intentions of scamming, but the way society may benefit from them far surpasses the risk related to ill practices.
With the position where Coinbase is currently standing, facing almost no competition, they will probably start to heavily dedicate themselves to Facebook advertising campaigns, taking all the advantage they have right now.
Coinbase is the first of many future Exchanges that will be able to promote ads on Facebook’s platform after updating their policy in June and allowing promotional content from selected “pre-approved advertisers”.
It will only remain to wait until other web platforms and social platforms who previously banned cryptocurrency ads decide to join Facebook’s decision.