On Monday, CoinDCX declared that it has selected actor Ayushmann Khurrana as its new brand ambassador. The announcement arrives after actor Amitabh Bachchan announced he’s halting the advertisement deal with CoinDCX until there is certainty on the legitimacy of cryptocurrency in India.
Currently, the Indian government has not formally acknowledged cryptocurrency as a financial commodity. Therefore it cannot be controlled by bodies such as the Securities and Exchange Board of India (SEBI).
That is not preventing crypto exchanges or investors who proceed to find profit in crypto investments. However, players such as CoinDCX are seeking to transform the fence-sitters as well. Therefore, Khurrana will highlight CoinDCX’s ‘Future Yahi Hai’ (This is the future) campaign to discuss critical matters encompassing crypto investments, including whether crypto is ‘Simple and Safe’ to invest and myths associated with cryptocurrency.
The kickoff ad will be released during the festive season and will feature the actor taking a witty yet educational approach to crypto. The ad campaign will be displayed across television, print and social media platforms.
Ramalingam Subramanian, head of the brand, marketing and communications, CoinDCX, says that Ayushmann has always come across as a warm and sincere personality who has a skill for connecting with younger and older generations with his excellent work.
“Our focus during this campaign will be to dispel the various myths surrounding crypto-based investing and breaking down the simple steps needed to enable anyone to start their crypto investment journey,” he adds.
Trading in cryptocurrency is the act of speculating on cryptocurrency price changes via a trading account or buying and selling the underlying coins via an exchange. That is where most players in India, such as CoinDCX, WazirX, CoinSwitch Kuber and Zebpay, are attempting to get as many users on their platforms. Their target group covers digital and mobile-first users between 25 and 40 years of age living in tier I and II cities.
Most platforms’ marketing arsenal includes ads on video streaming platforms, social media, television, and sponsorship deals for significant events and high reach properties such as Indian Premier League (IPL) and Big Boss.
As far as promotion and marketing activities go, no particular guidelines for cryptocurrency platforms have been put in place by ad industry watchdog Advertising Standards Council of India (ASCI) despite its extensive presence across media platforms.