Binance invests in Saatchis and 72andSunny as global creative partners.
It’s the first time the crypto giant has hired an agency on a long-term basis.
Binance, which has the most spot trading volume of any digital asset exchange in the world, chose Saatchi & Saatchi and 72andSunny Amsterdam as its global creative partners.
After a long competition, the two agencies were chosen to help with several global projects.
One of these projects is the recently announced partnership with Cristiano Ronaldo, who will make a series of NFTs that will only be available on the Binance NFT platform.
Advertising for cryptocurrencies has been growing, and this year’s Super Bowl has been dubbed the “Crypto Bowl.” Four cryptocurrency exchanges, Coinbase Global, FTX, Crypto.com, and Bitbuy, chose to run ads during the game, which reportedly cost $7 million.
But Binance didn’t take advantage of the chance. Instead, it asked NBA star Jimmy Butler to help it warn its social media followers about crypto promotions by celebrities. “On Feb. 13, the day of the Super Bowl, some of the most famous people will tell you to get into crypto. But they don’t know anything about you or your money “Butler said.
After hearing that Binance had stopped Bitcoin withdrawals during a big market drop in June, the two creative agencies were hired.
The company, which has 90 million users around the world and says it handles the equivalent of $76 billion (£67 billion) in cryptocurrency trades every day, said it wants to expand by adding new features to its platform.
Less than a year after the Advertising Standards Authority (ASA) put a “red alert” on crypto-asset advertising, Saatchi & Saatchi got Binance’s creative account.
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“Crypto-assets have become very popular in the past few years, but there’s a real risk that people won’t understand them well enough to invest their life savings and then lose it,” a spokesperson said at the time.
“We know how important it is to make sure that ads don’t mislead people about the risks of a product or act irresponsibly when promoting it.”
Last December, the ASA banned seven examples of cryptocurrency marketing as part of a crackdown in which the watchdog said it was working to police content better.