Coinbase, currently with 56 million users, has emerged as a leader in the cryptocurrency space and is already 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. The company announced on Tuesday that owners of its Coinbase Card, mainly available to UK consumers, can use it for payments through Apple Pay and Google Pay.Coinbase Pro, the company’s trading platform, also just announced it would facilitate trading of Dogecoin, which began as a joke meme but has since risen to popularity.
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 that go 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 just how safe cryptocurrency platforms can be. The Federal Trade Commission reported in May that scams cost consumers $80 million in the past year, reported The Washington Post.
Backenstose believes now is a “critical time” to raise awareness that Coinbase is “a trusted platform that democratizes access to the crypto economy 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 curve to that of any new technology.
Coinbase’s brief was only for the U.S., but Wavemaker’s intention is to grow as Coinbase does as the company does not have any other media agencies in place globally. Coinbase was not available for an interview. The agency did not reveal how much Coinbase’s spend will be.
In the past year, Wavemaker has onboarded new clients like alcohol manufacturer and distributor Pernod Ricard USA, confectionery company Perfetty Van Melle, video game developer Bungie and water treatment company Ecolab.