Coinbase’s principal policy officer discusses a coffee chain embracing cryptocurrency on ‘The Claman Countdown.’
Coinbase is set to initiate a $15 million TV advertising campaign aimed at promoting the benefits of utilizing cryptocurrency in a manner that resonates with sports enthusiasts: Pizza.
As per sources from FOX Business, the leading crypto exchange in the U.S. plans to broadcast three distinct commercials across four channels airing the NBA playoffs commencing Wednesday.
The objective of these commercials, which have not been previously disclosed, is to highlight the intricacies and costs associated with traditional payment methods compared to cryptocurrency, which offers nearly instant settlement and eliminates intermediaries such as banks and payment service providers.
“We often perceive credit card or Venmo transactions as instantaneous, but they are actually part of a highly intricate system hidden behind a digital interface,” stated Coinbase’s principal policy officer, Faryar Sharzad.
To illustrate this concept, a lighthearted advertisement portrays the journey a pizza would undergo if it were treated as currency within the current system. The ad commences with the pizza navigating through multiple approval and authorization stages, with the narrator humorously remarking, “If pizza operated in this manner, you might not enjoy it.”
An image representing cryptocurrency is prominently displayed alongside the Coinbase logo in an illustration captured on March 4, 2022. (Reuters/Dado Ruvic/Illustration/File Photo / Reuters Photos)
The commercial continues to depict the pizza’s progression, simulating a typical credit card transaction process. Various individuals take bites and slices from the pizza, symbolizing the intermediaries seeking a share of the transaction. The narrator emphasizes, “This essentially mirrors what occurs with your money whenever you spend or transfer it.”
Ultimately, the pizza encounters a door labeled “surcharge,” symbolizing the credit card fees customers incur during transactions.
The advertisement concludes with the delivery boy picking up the pizza and facing the camera to express, “We deserve a more efficient, straightforward, and rapid system. That’s the essence of how cryptocurrency operates.”
The 60-second advertisement and two 30-second ads are scheduled to air on TNT, ESPN, ESPN2, and ABC starting Wednesday, continuing through June 9.
In a photo illustration, a Coinbase logo is showcased on a smartphone screen. (Mateusz Slodkowski/SOPA Images/LightRocket / Getty Images)
This recent campaign, costing Coinbase $15 million, follows closely after the conclusion of another TV spot that aimed to showcase the value of Bitcoin over time by illustrating the purchasing power of one bitcoin in 2012 versus 2024. The price of Bitcoin has surged by over 500% since 2012.
“These advertisements convey a message beyond just promoting Coinbase,” remarked Coinbase’s Chief Policy Officer, Faryar Shirzad. “They underscore the outdated and costly nature of our monetary system, presenting a far superior alternative.”
Cryptocurrency exchanges are investing significantly in airing ads during the upcoming Super Bowl featuring the Los Angeles Rams and Cincinnati Bengals. (Photo illustration by Chesnot/Getty Images / Getty Images)
This advertising launch closely follows another TV spot purchased by Coinbase to emphasize the value of Bitcoin, also using pizza as a visual aid to demonstrate the purchasing power of Bitcoin since its inception in 2009.
Data revealed to FOX Business indicates that the bitcoin pizza advertisement has garnered 3.15 million views across social media platforms.
Coinbase’s NBA playoff campaign follows its decision to refrain from advertising during the Super Bowl in February.
Coinbase’s advertising efforts align with its ongoing advocacy in Washington to urge Congress to enact equitable crypto policies, despite facing opposition from prominent figures such as Senator Elizabeth Warren and SEC Chairman Gary Gensler.