There is a huge opportunity for growth and diversification in the cryptocurrency market as a continuous influx of venture capitalists invest in the industry. Yet even with this increase in investments, only 16% of U.S. adults have traded, invested in, or used crypto despite a majority of us hearing about it. To take advantage of the market growth and navigate digital advertising regulations to break into the hands of new consumers, crypto companies should invest more time and budget into a digital media strategy.
Advertising is heavily regulated in the crypto industry, and requires a lot of detailed planning as each platform has its own unique set of policies. Let’s not forget about messaging. Just a few words could be the difference between slow growth and exponential. Making sure you know how to navigate each ad platform can make advertising on digital channels completely seamless and turnkey. How do you decide what platform is best for your brand based on current regulations and your target audience? In order to make an informed decision, it’s important to understand what each platform brings to the table.
- In the U.S., 7 in 10 adults have an account with Meta, making it an ideal target for a digital advertising strategy. Meta recently expanded the number of regulatory licenses they accept from 3 to 27 and as a result, products and services related to complex financial products, like crypto wallets, have more freedom to advertise. This has made Meta a top choice for many companies with a FINCen registration.
- One of the best platforms for crypto companies in the U.S. to advertise on, mainly because of the viral potential, is Tiktok. If a business has already registered with FinCEN (in an effort to prevent scams and misinformation), Tiktok allows you to get pre-approval to market buying, selling, trading, and swapping of crypto.
- If you have a Money Transfer License (MTL’s) or FinCEN registration (new requirement after 8/3/22), Google is a great option for you in the U.S. – and it reaches millions of people a day. These types of registrations and licenses are worth investing in. In fact, there are many benefits of an MTL for crypto companies, as it helps to improve the efficiency of your business practices, boost trust from consumers and reduce friction for consumers trying to send money internationally.
- Looking to reach a younger demographic? Try Snapchat or streaming services on CTV. For Snapchat, ads will require prior approval before being allowed to run. Snapchat is also an excellent platform for experimenting with different ad formats and getting immediate feedback from your audience in real-time. Ad streaming is a hot trend right now, and CTV helps you take advantage of that with far less restrictions than social media platforms (some placements may be restricted).
- Reddit requires every advertiser to have a dedicated representative to run ads for crypto related products, meaning businesses must spend at least $10,000 per month on ads and have proper licensing and registration from an appropriate regulator like FinCEN. This platform tends to be used less frequently than others due to the lack of performance algorithms.
- One platform that is less discussed is Quora, the interactive website where users provide answers to questions, teach new topics, and solve problems. Crypto is a heavily discussed topic on this platform, from crypto wallets to exchanges. As an exchange, the only thing you have to look out for is avoiding the promotion of trading bots and mining platforms. If you are looking to bring awareness to the industry and educate consumers, this platform is an important part of your media mix.
No matter what platform you choose, digital advertising can help propel your crypto business forward and reach new target audiences. The key is to invest in multiple ad platforms that can navigate the rules and regulations for you so that you can focus your time on creating personalized messaging and content. Ad tech platforms like Omneky help crypto companies scale creative testing, create personalized content, and manage campaigns all under one software empowered solution. A more extensive breakdown on platform regulations for crypto companies can be found here.
By Aaron Surloff, Co-founder and Chief Operating Officer at Omneky