As 2019 continues to roll on, some cryptocurrency trading platforms are getting creative in promoting themselves. With trading volume increasing this year, it seems like some of their efforts are working.
The question that has always bothered cryptocurrency exchanges is how to attract new users. With the cryptocurrency audience reaching a critical mass in 2017, many have left. Now, the struggle is how to bring these people back — and, most importantly, how to bring new users into the industry.
For many cryptocurrency exchanges, this means getting creative and integrating their services into everyday life.
Binance Sets the Standard
Binance has been ramping up its efforts this year in promoting itself to new audiences. By any estimates, it has also been setting new standards for the entire industry.
This year, the cryptocurrency exchange has steadily expanded its ‘Use BNB’ initiative. BNB can now be used to buy virtual gifts, pay for travel, trade stocks, hire freelancers, take a loan, and more.
Moreover, the exchange released its own decentralized exchange this month — which was promoted using a community-led forum where users could voice their support of various crypto-projects.
However, Binance has also been active in promoting itself with humanitarian projects. For example, its ‘Binance Charity’ initiative was recently announced to improve feminine health and wellbeing for over 1M women. The exchange recently formed an alliance with 46 companies to this end.
In light of these efforts, Binance has maintained its position as the top cryptocurrency exchange by trading volume.
Football Meets Cryptocurrencies
One of the most interesting developments in 2019 has been the increase in cryptocurrency visibility in the English Premier League.
Coindeal, for example, is a cryptocurrency exchange which has a major sponsor of the Wolverhampton Wanderers FC for the 2018/19 season and will again be for 2019/20, as well.
Cryptocurrency trading and investment platform eToro has been expanding its reach in the English Premier League as well, recently announcing partnerships with both Everton FC and Aston Villa FC for the 2019/20 season.
Yet, StormGain recently scored one of the most high-profile endorsements in the soccer world just last month, announcing itself as the official ‘Sleeve Sponsor’ of Newcastle United FC. The new exchange is currently one of the few places to trade major cryptocurrencies like Bitcoin and Ethereum with a 100x multiplier.
Making Exchanges More Beginner-Friendly
Some cryptocurrency exchanges have decided to bring in new users by teaching beginners about key concepts in the industry—all while promising rewards and referrals for those who go the extra mile.
Coinbase Earn, for example, has unveiled multiple courses this year — which allows one to both learn about a particular cryptocurrency and earn some upon completing a course. Currently, there are courses on Coinbase Earn for Dai, EOS, Stellar Lumens, and Basic Attention Token. The exchange hopes to use these basic lessons to bring in new users into the crypto-space.
Just the Beginning
If cryptocurrency exchanges want to keep growing their user bases, they need to ultimately break out of the ‘crypto-sphere’ and into everyday life. In short, these exchanges need to make themselves visible to the mainstream.
Sports, education, and humanitarian work are just a few of the key areas which exchanges have been exploring this year as a means of boosting their profile. By all estimates, it seems like this commercial breakthrough is just getting started.
Do you think that cryptocurrency-related endorsements in sports and entertainment will only increase as the industry becomes more popular? Let us know your thoughts below.
[Full Disclosure: StormGain is a partner exchange of BeInCrypto.]