- Coinbase pizza-themed ad takes a swipe at legacy payments.
- The ad is the second in a three-part marketing campaign.
- The ads have been well received to date.
Cryptocurrency promises users a faster, cheaper, fairer alternative to the opaque and outdated world of traditional banking. However, this pioneering technology still suffers from persistent misconceptions that scare away the very masses it aims to empower.
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In a bid to dispel these misconceptions, crypto exchange Coinbase is wielding an unlikely yet universally beloved tool, the mighty pizza.
Coinbase Dunks on TradFi
Making use of the mighty pizza, Coinbase’s latest ad takes viewers on a deliciously metaphorical journey following the complex workings of TradFi through the lens of an unassuming pizza delivery order.
Viewers are presented with a world where the seemingly mundane act of securing a hot, cheesy pizza is fraught with inefficiencies that plague today’s payment systems. From preparation to distribution, each stage sees surcharges taking their slice from the dwindling pizza.
“It’s a complicated system full of middlemen and fees, and everyone is taking a bite,” stated the ad narrator.
The ad reaches its climax when the delivery driver finally arrives at the customer’s door and hands the pizza box over. The customer shoots a disgruntled look after peeking at what’s left, before walking off seemingly resigned to accepting the deductions.
Pizza-Themed Marketing
Dunking on TradFi with this ad, Coinbase’s vice president of engineering Jesse Pollack inferred that cryptocurrency users get a better deal by keeping more of “their own pie” compared to legacy finance.
“Coinbase is building the future of money to make sure American consumers own their own pie – and making sure their payment moves at the speed of the internet,” stated Pollack.
The ad is the second in a $15 million three-part campaign targeting NBA sports fans. The first ad aired around the time of the Bitcoin halving, which occurred on April 20. It illustrated the increasing amount of pizza one Bitcoin could buy at each halving, culminating in pizza boxes raining down by the time of the fourth halving.
On the Flipside
- An IMF study noted that the efficiency of U.S. payment rails hinders Bitcoin use, unlike the situations presented in underbanked countries.
- With dollar-based stablecoins USDT and USDC being large holders of U.S. treasuries and under U.S. compliance, the lines between crypto and TradFi become increasingly blurred.
- Both Coinbase ads to date were generally well received for their relatable and simple message.
Why This Matters
Anyone who has farmed liquidity tokens can attest to paying fees at every stage of the cycle, making the Coinbase ad somewhat hypocritical. Nonetheless, the ad campaign represents a significant opportunity to reshape perceptions around cryptocurrency.
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