Expect to See Coinbase Ads on Facebook

Cryptocurrency exchange Coinbase has confirmed that it has been whitelisted to display advertisements on Facebook, a sign that the social media giant was moving forward with reinstating marketing campaigns of legitimate blockchain companies.

Coinbase Ads to Appear on Facebook

The announcement was made by Brian Armstrong, CEO of Coinbase, who took to Twitter on Friday to share the news: “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.”

Armstrong also shared what appears to be a demo advertisement that could make it to the social media network in the near future.

“Crypto curious but don’t know where to start? Buying cryptocurrency is simple,” the demo ad reads.

As Hacked reported June 26, Facebook is planning to reverse a blanket ban on crypto-related advertising, opting instead to evaluate individual companies on their own merit. The Menlo Park, California-based company said it would allow “licensed” parties to market their services on the social media platform, which boasts more than 2 billion monthly active users. However, Facebook said not every company that wants to advertise will be given that opportunity.

Facebook’s ad ban compelled Google and Twitter to issue similar edicts restricting blockchain companies from marketing their products and services. In all these cases, consumer protection was cited as the primary reason for the ban.

The Coinbase-Facebook Connection: Interesting Speculation

That Coinbase appears to be the first advertiser to be whitelisted by Facebook adds fuel to interesting speculation about a possible merger between the two companies.

On June 27, Hacked ran a story speculating whether Facebook’s ad-ban reversal was a precursor to launching its own blockchain or cryptocurrency venture. Namely, we cited a story from The Economist that hinted at a possible merger between Facebook and Coinbase.  Speculation about a potential Coinbase takeover later circulated through British media.

Interestingly, Facebook may have laid out its intention to enter the crypto space back in May when it initiated the biggest-ever management shuffle, under which a new blockchain group was created. The new group is said to report to Mike Schrepfer, Facebook’s chief technology officer.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi