Coinbase deploys a $2 million advertising campaign to advocate for crypto remittances among Latino electors.
This initiative is a component of the crypto industry’s overarching strategy to garner support for pro-crypto legislators during the current U.S. election cycle.
The Coinbase advertisement campaign emphasizes the use of cryptocurrency as a substitute for remittances. One of the advertisements emphasizes a young man who employs Coinbase to transfer funds to his grandmother in Mexico. According to Coinbase, traditional international money transfers have an average fee rate of 6.18%. However, transmitting money with USD Coin (USDC) on the Coinbase Wallet does not incur any fees.
Univision will broadcast the advertisements during the Copa America soccer tournament, and they will also be visible on digital platforms. California, Texas, and Washington, D.C. are the principal focus areas for these advertisements.
The Coinbase ad campaign is one of the tens of millions of dollars that the crypto industry has already spent this election year, with the objective of counteracting regulatory efforts and influencing down-ballot races.
Coinbase has a history of advocacy; in August of last year, it assisted in the establishment of Stand With Crypto, a voter organization for cryptocurrency enthusiasts that reached one million members in June.
Recent legislation has been enacted by the U.S. House of Representatives to establish a new legal framework for digital currencies. The action was taken in spite of alerts from the U.S. securities regulator regarding potential financial hazards. President Joe Biden has indicated his willingness to work with Congress on this legislation. Additionally, numerous prominent Democrats are advocating for cryptocurrency initiatives.
Tyler and Cameron Winklevoss, the proprietors of Gemini Trust Co., revealed a $1 million Bitcoin donation to the presidential campaign of Republican candidate Donald Trump in another significant development.
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