Coinbase has launched a $2 million advertising campaign aimed at Latino voters and consumers, part of a broader effort by members of the cryptocurrency industry to support favorable political candidates.
The campaign promotes cryptocurrency as an efficient method for sending money overseas, highlighting that that using USD Coin on the Coinbase Wallet app incurs no fees in comparison to the typical 6.18% charged for traditional money transfers.
"Our traditional financial system is not working for communities of color, who experience disproportionate barriers to wealth-building at every turn," former Los Angeles Mayor Antonio Villaraigosa, said in a statement associated with the campaign.
The ad, which is currently running during the Copa America on Univision, features a young man sending financial aid to his grandmother in Mexico.
1 in 8 Americans sent money abroad last year.
— Coinbase 🛡️ (@coinbase) June 20, 2024
Why? To help their families with daily living expenses.
But there are two problems:
✓ Fees are too high ($6 for every $100)
✓ Wait times are too long (literally days)@CoinbaseWallet can help. pic.twitter.com/7NqVzHxXYq
Coinbase has been active in advocacy efforts to influence political outcomes this election season. According to Cryptonews, the company launched Stand With Crypto last August, an organization representing voters who own cryptocurrencies. This organization operates as a 501(c)(4) entity, making it a tax-exempt social welfare group. Earlier this month, Stand With Crypto surpassed 1 million members.
The demand for cryptocurrency solutions in Latin America is substantial. Cryptonews also revealed that according to a 2022 Mastercard survey, 51% of Latin American consumers had already made transactions using cryptocurrency, and about 86% used at least one emerging payment method that year. This highlights the region's growing embrace of digital payment technologies.
Crypto could have a significant effect on the elections as the industry is making moves all over the place. This week, the Winklevoss twins announced they each donated $1 million in Bitcoin to endorse presumptive Republican candidate Donald Trump, highlighting the increasing political engagement of cryptocurrency advocates.
Tyler Winklevoss cited the Biden Administration's aggressive "war against crypto" as his reason to support Trump. "It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it," he said.
I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here's why:
— Tyler Winklevoss (@tyler) June 20, 2024
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and... pic.twitter.com/qOQSpmanBR
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