Crypto Companies Take Center Stage
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Crypto Companies Take Center Stage
This week: crypto companies majorly step up marketing efforts, Bitcoin's price sticks around $30,000, and FinCEN fills its new crypto role.
FinCEN’s New Crypto Position
The Financial Crimes Enforcement Network (FinCEN), a top financial regulator in the United States, has recruited its first chief digital currency advisor - Michele Korver. In this brand new role, Korver, formerly of the United States Department of Justice, will focus on solutions to help prevent and mitigate the use of crypto in illegal activities.
This will not be Korver’s first crypto-centric position. At the Department of Justice, she served as the criminal division’s digital currency counsel. She advised the Treasury Department’s Financial Stability Oversight Council, developing policies around digital currency seizure and forfeiture.
Over the last year, FinCEN has narrowed its focus on weeding out potential money laundering in the cryptocurrency sector. In addition to creating this new role, it named the oversight of crypto transactions among its top national priorities and plans to finish its latest set of rules regarding reporting requirements this fall.
Bitcoin’s price continues to hover above $30,000 for another week. One reason for Bitcoin’s stickiness around this price range is in part attributed to unsupportive macroeconomic fundamentals.
BTC tends to thrive under loose monetary principles. On Wednesday, the Federal Reserve suggested it could pull back some of the more open monetary policy measures put in place during 2020’s COVID-19 crisis sooner than expected. As US monetary policies tighten, Bitcoin's price could continue to hover around the $30,000 barrier.
Crypto Companies Are Seriously Stepping Up on Marketing
The names of crypto companies could soon be as ubiquitous as major banks and payment processors as major brands, including CoinFlip, have seriously stepped up advertising efforts.
As digital currencies become more mainstream, crypto companies are looking to more conventional channels to advertise. You may have seen CoinFlip’s new national campaign, So Flippin’ Easy, with Neil Patrick Harris explaining how easy it is to convert cash into crypto. Or, maybe you’ve seen Alec Baldwin explaining how using cryptocurrency is straightforward with his ad with EToro. If not, more crypto commercials are soon to come. On Wednesday, Coin Cloud announced its new television commercial starring Spike Lee.
Sports lovers are in for even more crypto exposure as companies are pumping big money into sponsorships. Crypto.com, a crypto exchange platform, has recently announced two sports partnerships - a $175 million “fight kit” deal with UFC and a $100 million sponsorship with Formula 1’s Sprint series. Crypto.com has additional sports deals, including with the NHL’s Canadiens and Formula 1’s Aston Martin racing team.
In the NBA, the Portland Trail Blazers players will don the logo StormX, a Seattle-based crypto-rewards start-up, on their jerseys. Meanwhile, the Miami Heat will play in the world’s first crypto-sponsored sports arena, FTX Arena. FTX, a major crypto exchange based in Hong Kong, has also signed a deal with the MLB to outfit umpires with brand patches in the upcoming season.
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