Adverts for crypto are starting to appear back on Facebook news feeds and Google search results. Back at the end of June, Facebook announced it was going to start allowing crypto ads again following a change of policy. The move to totally backtrack on its blanket crypto ad ban was widely praised in the crypto community. The move to display Coinbase adverts on Facebook has renewed speculation that the social media giant might attempt to acquire the exchange in the coming months.
Platforms Unite to Ban Crypto Ads
Back in January, Facebook and other advertising giants stood in solidarity against the crypto world, imposing a blanket ban on all cryptos. However, amid the recovery of Bitcoin prices – and rumors of a Facebook takeover – Coinbase adverts have begun to display once again on the social media giants’ platforms. The blanket ban on crypto ads on managed to last a meager seven months, showing the crypto world’s sheer determination to be recognized as a fair and legal financial system.
Coinbase Ads All Over the Place
Reddit users have taken to the internet to post screenshots of the Coinbase adverts they are starting to see on Facebook and Instagram – which is owned by Facebook. However, it doesn’t stop with the Reddit community, crypto enthusiasts have been celebrating over on Twitter and Facebook too. Interestingly, Twitter has yet to display any crypto ads and reverse the ban on crypto ads. When you consider that Jack Dorsey – Twitter CEO – is heavily invested in the development of the Lightning Network this is surprising. Plus, his other company Square is looking to give merchants the ability to accept crypto, so you would presume he is pro-crypto and therefore pro-crypto ads, but this doesn’t seem to be the case currently.
On Twitter, an overjoyed Brian Armstrong – Coinbase CEO – said, “Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system.”
Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system ? pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018
As the CEO of one of the most popular crypto exchanges in the world, the news of Facebook beginning to display Coinbase adverts again will come as music to his ears.
Facebook is Leading the Way
When the social media ban on crypto ads came into place, Facebook headed the charge. With Facebook backtracking on its decision, other companies could follow suit. For the time being, it appears as if Google and Instagram are the only other advertising platforms showing Coinbase ads. However, when it comes to the reversal of the ban, Facebook could once again lead the way as others follow suit.
With Facebook beginning to show crypto ads again, more people will become exposed to the world of cryptocurrencies. This can only be good for the industry, as awareness is key to the survival of the fledgling industry. This move could be early signs that Facebook and Coinbase are going to form a partnership or even merge, but only time will tell us how that turns out. Whatever the reason for the ads to begin appearing, it is a step in the right direction.