There is a huge opportunity for growth and diversification in the cryptocurrency market as a steady influx of venture capitalists invest in the industry. Yet even with this increase in investment, only 16% of American adults have traded, invested, or used crypto, despite the majority of us hearing about it. To take advantage of market growth and navigate digital advertising regulations to get into the hands of new consumers, crypto companies should invest more time and budget in 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. A few words could make the difference between slow and exponential growth. Making sure you know how to navigate each advertising platform can make advertising across digital channels completely seamless and turnkey. How do you decide which platform is best for your brand based on applicable regulations and your target audience? In order to make an informed decision, it is important to understand what each platform brings to the table.
- In the United States, 7 out of 10 adults have an account with Meta, making it an ideal target for a digital advertising strategy. Meta recently increased 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 FINCen registration.
- One of the best platforms for crypto companies in the US to advertise on, mainly due to viral potential, is ICT Tac. If a business has already registered with FinCEN (in an effort to avoid scams and misinformation), Tiktok lets you get pre-approved for buying, selling, trading, and exchanging crypto in the market.
- If you have a Money Transfer License (MTL) or FinCEN registration (new requirement after 03/08/22), Google is a great option for you in the United States – and it reaches millions of people a day. These types of registrations and licenses are worth investing in. In fact, an MTL has many benefits for crypto businesses, as it helps improve the efficiency of your business practices, builds consumer trust, and reduces friction for consumers trying to send money. silver. internationally.
- Are you looking to reach a younger population? Try Snapchat or streaming services on CTV. For Snapchat, ads will require pre-approval before they are allowed to run. Snapchat is also a great platform to experiment with different ad formats and get immediate feedback from your audience in real time. Streaming advertising is a hot trend right now, and CTV helps you enjoy it with far fewer restrictions than social media platforms (some locations may be restricted).
- Reddit requires each advertiser to have a dedicated representative to serve ads for crypto-related products, which means businesses must spend at least $10,000 per month on ads and have proper licensing and registration with of an appropriate regulator such as FinCEN. This platform tends to be used less frequently than others due to lack of performance algorithms.
- A platform that is less discussed is Quora, the interactive website where users answer questions, teach new topics and solve problems. Crypto is a hotly discussed topic on this platform, from crypto wallets to exchanges. As an exchange, the only thing you need to be careful about is avoiding the promotion of trading robots and mining rigs. If you are looking to raise industry awareness and educate consumers, this platform is an important part of your media mix.
Whichever 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 you can spend your time creating personalized messaging and content. Ad tech platforms like Omneky help crypto businesses scale creative testing, create custom content, and manage campaigns, all in one software solution. A more detailed breakdown of platform regulations for crypto companies can be found here.
By Aaron Surloff, Co-Founder and CEO of Omneky