Coinbase really went there with its Super Bowl ad.
What happened: Coinbase — the cryptocurrency trading platform — released an ad during the Super Bowl that featured a QR code bouncing around the screen, a callback to the old DVD pause screens that showed the DVD logo bouncing around the frames of the television screen.
- The QR code took users to Coinbase’s website.
- The company offered new users $15 in bitcoin for anyone who joined Coinbase by Feb. 15.
ICYMI 👀— Coinbase (@coinbase) February 14, 2022
Now that we have your attention we'd like to announce that we're giving away $15 in BTC to anyone who joins Coinbase by 2/15.
Click below for more info and RT to tell your friends!
Sign up and see terms here → https://t.co/fKHisXZJJc pic.twitter.com/SDWUup2Ql5
Yes, but: The Coinbase app crashed during the Super Bowl because of the high influx of users, The Verge reports.
- Indeed, I tested out the QR code during the Super Bowl. The app crashed immediately after reaching the main screen.
Between the lines: Coinbase’s stock dropped 1.7% to $191.26 at 6:23 a.m. in premarket trading, according to Barron’s.
- “It’s possible that shares are reacting to the company’s inability to handle that much traffic,” per Barron’s. “On the other hand, Coinbase seemed to have gotten what it paid for with the advertisement.”
The bigger picture: Cryptocurrency made a major impact at the Super Bowl, per USA Today.