Crypto companies cut ad spending by 90%
According to experts, the reason for the reduction in marketing spending was the slump in the digital assets market
23.06.2022 - 11:35
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What’s new? Amid the falling rates of bitcoin and most altcoins, as well as tightening regulation, cryptocurrency and blockchain companies are cutting marketing and advertising spending. A number of organizations have reduced advertising budgets by 90%. This is reported by The Wall Street Journal (WSJ).
What are the findings of the journalists? According to the WSJ, the Crypto.com exchange cut its ad spending from $40 million in January to $2,1 million in May 2022. Crypto exchange Gemini cut its budget from $3,8 million to $0,5 million, and in early June the company also announced its first massive staff reduction, the number of employees will be cut by 10%.
Coinbase completely halted its ad spending after the release of a commercial with “a floating QR code” worth $31 million. The platform’s website was then disrupted as a result of a flow of users. In June, the crypto exchange also announced staff cuts of around 18%. This decision was taken as part of the cost-cutting efforts amid the coming crypto winter on the market.
The only major company to increase marketing spending is cryptocurrency exchange FTX.
Earlier, the head of the Binance crypto exchange, Changpeng Zhao, noted that the crypto winter is a great time to expand staff and make new acquisitions for the company. Binance already opened 2000 additional positions and also plans new mergers and acquisitions (M&A).
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