Binance has just concluded a contest for its Indian users celebrating Raksha Bandhan. It was running a promotion on Binance P2P wherein the users can win Binance Gift Cards.
In its bid to engage more Indian users, on the occasion of Raksha Bandhan, a festival that celebrates the bond between brothers and sisters, Binance was offering its Indian users a chance to win Binance Gift Cards.
The exchange had organized a promotional run between ‘2021-08-19 10:00 AM (IST) and 2021-08-23 09:59 AM (IST).’
Features of the Raksha Bandhan Campaign
During the promotional period, the first 200 new users who completed the below tasks would become eligible to win a 5 BUSD Binance Gift Card.
- Buy at least INR 4,000 worth of crypto via Binance P2P
- Complete a minimum total trading volume (including buys and sells) of Rs 4,000 in any spot trading pairs
Benefit(s) of the Campaign to Binance
There were a few terms and conditions too. A particular one was that “New users refer to those who have never traded on Binance P2P.”
On close observation, one can notice that this promotional run was aiming at getting new users directly.
Anyone who wants to add funds from India through fiat currency has to make a trade on the Binance P2P service.
So, either someone has to make a new account on Binance, or someone who already has an account but has never used Binance P2P service is eligible.
Users in India can also deposit money to WazirX, a Binance owned Indian crypto exchange, and can directly transfer the funds to their Binance accounts.
Maybe, that’s why Binance is promoting its native deposit service as it will be directly onboarding users to its global exchange platform.
WazirX too was running a campaign on similar lines during the festival.
A brand may have global appeal, but it always needs to appeal to the local culture as well. That’s why glocal products or services are usually ahead of their global counterparts. Moreover, glocalization works best for companies that have decentralized authority.