Coinbase, the largest exchange in the United States, debuted an ad during the popular halftime of Super Bowl LVI, held on February 13. The ad basically consisted of a QR Code on the screen, which took the user to the company’s website.
However, the company’s website was down during halftime of the game. As a result, many people were unable to access the platform. For Surojit Chatterjee, head of product at Coinbase, the unexpected increase in traffic brought down access to the site.
The Super Bowl Effect
Coinbase used the popularity and huge audience base behind the Super Bowl to promote its services. In this regard, the platform followed the example of exchanges such as Crypto.com, which also promoted an announcement during the game.
The ad consisting of a colorful bouncy QR Code that appeared on the TV screen. When the viewer read the code, he was taken straight to a promotional website. In it, Coinbase offered $15 worth of BTC for free. The offer is valid until the 15th of February.
Initially, Coinbase planned to distribute $3 million to new customers. However, the access overhead was very high, causing an interruption in the platform.
Drops on the Coinbase website are usually common, especially in times of appreciation or a significant drop in the price of BTC. This time, however, the problem was with the app itself. During the Super Bowl, the Coinbase app had a jump in the number of downloads, ending up among the most downloaded in the US.
As is always the case in these cases, Coinbase’s fall generated a series of jokes and ironies among users. Edward Snowden, a former NSA employee, mocked the exchange’s marketing expenditures while not preparing the site for hits.
Coinbase spending $16,000,000 on a Superbowl ad to direct people to their website and $0 to make sure that website doesn’t crash 10 seconds after the ad starts is so very internet.
Bet on BTC
Another fact that attracted attention was Canadian rapper Drake’s bet on the outcome of the game. He spent $1.26 million in BTC on the Los Angeles Rams and the Cincinnati Bengals game.
The first bet, worth $500,000, was for the Rams to win – which in fact happened. Drake then bet another $400,000 that Overce Beckham Jr. would run over 62.5 yards. Ultimately, Drake bet another $400,000 that Beckham Jr. would score a touchdown in the game.
To make the bet, Drake used the stake, betting platform that works with BTC. Of the three bets, the rapper only hit the victory of the Rams, who beat the Bengals by 23 to 20.