In a follow up of an earlier story that reported Facebook’s change of heart about cryptocurrency ads on their platform and how some ads would be whitelisted to be shown, it has now been reported that Facebook has already approved Coinbase ads and they are already into their platform. This was reported in the twitter feed of Coinbase CEO, Brian Armstrong.
Facebook banned ads for crypto earlier this year. Proud to say we've now been whitelisted and are back introducing more people to an open financial system ? pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018
Armstrong expressed that they were proud of being the first cryptocurrency exchange to be whitelisted by the social media giant, something that gives them more exposure for gaining new users to introduce them to the world of cryptocurrencies. Coinbase is amongst the top cryptocurrency exchanges and wallets that gained notoriety with the big rise last year when bitcoin and other altcoins reached high prices and everybody wanted to invest in cryptocurrencies. But at large as they can be, cryptocurrencies are still a niche segment compared with how much social networks are being used today.
Facebook is a global site that has more than 2 billion active users monthly, according to some statistics, and being present in this almost universal site could benefit Coinbase by being the only cryptocurrency site advertising there for the moment. Facebook banned all cryptocurrency ads from every crypto-related business earlier this year, citing concerns about how certain ads could lead users to be scammed or take wrong choices investing.
The reality is that with the blanket ban implemented, many cryptocurrency related startups lost an important space to promote their products and services. And the worst happened later when Twitter and Google also banned cryptocurrency ads from their platform. But now, Facebook is trying to correct its mistake by bringing important and regulated companies like Coinbase again into their ads platform.
A good sign that shows that legitimate cryptocurrency startups are being accepted as any other normal companies by Facebook if they provide their legal documentation for the products and services they offer.