CoinDCX alone spent around INR 40 crores on advertisements.
The 2021 ICC Men’s T20 World Cup saw an extravaganza of advertisements from various crypto exchanges of India.
Cricket is like a religion in India. So, such an elaborate marketing campaign by crypto exchanges, to reach the mass Indian investors, was inevitable. World over, crypto companies are tying up with sports companies and institutions to acquire customers.
According to an Economic Times (ET) report, Indian crypto exchanges spent an estimated INR 50 crore during the T20 World Cup.
CoinDCX was one of the most advertised exchanges. It alone splurged around INR 40 crore on sponsorship on the Star Sports TV channel.
Data shows that CoinDCX advertised seven times per match on every channel during the tournament
Competitor CoinSwitch Kuber concentrated on Star’s video streaming service Disney+Hotstar and spent over INR 10 crores, people in the know told ET.
CoinDCX was advertised around 50 times during a single match. Its total inventory was close to 10 hours on TV, according to information from TAM Sports.
For the first 42 matches, the crypto exchange had a share of 4% of the total advertisement volume.
Even the Government took notice of this development. In the high-level meeting on Saturday chaired by Prime Minister Narendra Modi, the lawmakers expressed their apprehensions that these advertisements could potentially mislead the viewers.
The issue was flagged again during the meeting between the Parliamentary Standing Committee of Finance and crypto industry players of India.
Advertisements play an important role in acquiring new customers, whereas the quality of the offering decides the retention. Endorsement on media only shows the positive side of a product. Any potential user must weigh the pros and cons before investing in cryptocurrencies.
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