YEREVAN (CoinChapter.com) — Binance, the world’s largest crypto exchange, has launched a weird campaign to draw women into the crypto world this International Women’s Day. Notably, the exchange has introduced a perfume dubbed “Crypto.”
Rachel Conlan, the global chief marketing officer at Binance, highlighted the campaign’s aim: To foster fun discussions about women in crypto. In doing so, the exchange has ignored selling “CRYPTO” perfume bottles. Instead, it has been offering the product’s samples at pop-up stands in a Bahrain mall.
“Our aim with this campaign, crafted by women, was simple and pure,” Conlan said, adding:
“We wanted to ignite conversation about the gender gap in the industry and inspire more women to venture into this space. It was not about marketing a new ‘Crypto’ fragrance, we chose to be bold and unconventional in our messaging.”
Also, as Conlan noted, the first 5,000 women to complete a beginner’s course on Binance Academy will receive $25 in USDT as part of the campaign.
Conlan pointed out the campaign’s objective to dispel the crypto industry’s male-dominated image and make it more welcoming for everyone. This effort underlines Binance’s commitment to enhancing gender diversity within the crypto sphere, where women are currently underrepresented both as users and founders.
A Perfume Launch Amid Legal Disasters is Bad for Binance
This campaign unfolds against the backdrop of Binance’s ongoing legal issues, including potential jail time for Changpeng Zhao and the aftermath of a lawsuit against Binance.US by the U.S. Securities and Exchange Commission (SEC).
After admitting to illegal financial practices, the company and its co-founder, Changpeng Zhao, agreed to pay the U.S. authorities a $4.3 billion fine. The American branch, Binance.US, significantly reduced its workforce and experienced a 75% drop in trading revenue. Despite these setbacks, Binance’s global trading activities recently achieved a six-month peak.
For what it may seem, Binance is attempting to explore unrelated business avenues as the lawsuit against it drags on. Financial companies sometimes implement diversification strategies. For instance:
- Virgin Group transitioned from a music record business to airlines, space travel, and health services.
- Berkshire Hathaway expanded from textiles to include insurance, energy, and food sectors.
- Tesla, Inc., known for electric vehicles, explored solar energy and cryptocurrency investments.
Nonetheless, Binance’s foray into the perfume market — amidst its legal challenges — represents a creative marketing strategy rather than a lack of innovation. In other words, the company is looking for alternatives in case its exchange business goes kaput.
Anyway, good luck, Binance, with the new ventures! From the world’s leading exchange to a perfume bottle seller, you have come a long way (pun intended).
