Coinbase, a cryptocurrency exchange, has hit the jackpot. Its clever ad, which depicts a bouncing DVD meme, has gone viral. In addition, its unique approach to connecting with people was such a hit that it went to second place on the Apple Playstore in the United States.
During Super Bowl LVI, the crypto exchange released a 60-second commercial. Unfortunately, the advertisement drew so much attention to Coinbase’s website that it crashed. Coinbase services, on the other hand, were restored.
Coinbase CPO Surojit Chatterjee rushed to Twitter to say that the company was back and ready for the free $15 Bitcoin drop.
According to sources, the ad that aired during the Super Bowl event was focused on the product rather than the coin. Coinbase’s move has helped it leapfrog other apps on the US App Store, where it currently ranks second.
When viewers scanned the code to activate it, OR directed them to a page where they could sign up for a free $15 Bitcoin if they did so. On the other hand, latecomers were unable to access the offer page since the website was down due to high traffic.
A limited giveaway is part of the company’s “Less talk, more Bitcoin” marketing. Coinbase also provided a $3 million gift to new sign-ups in addition to the free $15 Bitcoin.
The Cryptocurrency business was such a big hit at this year’s Super Bowl that advertising for exchanges like FTX and Crypto.com were also shown. Mark Cuban, a billionaire investor, praised Coinbase’s QR adv. He wrote on Twitter,
Coinbase’s 60-second advertisement has cost them roughly $14 million. According to CNN, a 30-second spot during the Super Bowl event may cost up to $7 million in the region.
In a recent blog uploaded on Coinbase’s website, CMO Kate Rouch shared why she’s excited about the company’s goal of introducing a billion people to the crypto economy and the power of community. She also commented on the delay faced by a few users.
She said,” Our engineering teams load-tested our site to handle millions of simultaneous hits. The volume we experienced was astounding in comparison to our projections. We saw over 20M+ hits on our landing page in one minute — a volume that was historic and unprecedented. We also saw engagement that was six times higher than our previous benchmarks. Understandably, this volume led to us temporarily throttling our systems. Hats off to our engineering team for getting the site back online so swiftly and allowing us to welcome more people to the crypto economy.”
Kate also talked about the functioning of the campaign, “It’s simple. Every new user (watching the Super Bowl or not) who joins Coinbase by Feb 15 will get $15 in Bitcoin in their Coinbase account. They can also join existing users for a chance to win three $1M grand prizes.
We are committed to investing tens of millions of dollars in this program to help people learn about crypto. We’re not limiting it to a handful of winners or even to Super Bowl Sunday. People will have two full days to sign up and get $15 in bitcoin.
And this is just the beginning. We’re planning over $100M of similar incentives to help people access and participate in the crypto community throughout the year” she said.