Coinbase, currently with 56 million users, has emerged as a leader in the cryptocurrency space and is now well-known among crypto enthusiasts. Nearly two months ago, Coinbase went public, and on its debut, the crypto exchange saw $328.28 per share, valuing it at $85.8 billion. On Tuesday, the company declared that owners of its Coinbase Card, mainly available to U.K. consumers, can use it for payments by Apple Pay and Google Pay. Coinbase Pro, the company’s trading platform, also just announced it would expedite the trading of Dogecoin, which opened as a joke meme but has since soared to reputation.
As crypto enters the mainstream, largely thanks to celebrities like Musk, there is also a growing number of startups that want consumer attention.
“New economy brands need more precise and aggressive strategies to win market share,” says Louisa Wong, CEO, The Americas Region at Wavemaker.
However, like other brands tied to digital coins, Coinbase faces several marketing challenges that could keep potential customers at bay beyond helping new customers understand the crypto market. For one thing, the market has shown its tendency to respond like a yo-yo to events such as Tesla and SpaceX CEO Elon Musk’s decision to no longer accept bitcoin due to environmental concerns.
Since its debut, Coinbase’s stock has dipped to around $240. Along with market volatility and crypto-mining energy concerns, there is also a fear of how safe cryptocurrency platforms can be. In May, the Federal Trade Commission reported that scams cost consumers $80 million in the past year, reported The Washington Post.
Backenstose knows now is a “critical time” to increase awareness that Coinbase is “a committed platform that democratizes access to the crypto marketplace by enabling anyone with an internet connection to easily and securely invest in and use crypto assets.” He adds that cryptocurrency follows a similar adoption curvature to that of any modern technology.
Coinbase’s declaration was only for the U.S., but Wavemaker intends to grow as Coinbase does as the corporation does not have any other media agencies in place globally. Coinbase was not open for an interview. The agency did not disclose how much Coinbase’s spend will be.
In the prior year, Wavemaker has onboarded new clients like liquor manufacturer and distributor Pernod Ricard USA, confectionery group Perfetti Van Melle, video game developer Bungie and water treatment organization Ecolab.