Cryptocurrency News

Google banning crypto ads a testament to the maturity of the blockchain market?

At this point the word “unexpected” has become almost synonymous with the crypto industry, as was on full display recently when technology giant Google stopped using its advertising services on digital asset exchanges after a nearly three-year long period. decided to ban.

In this regard, a policy update blog released by the firm states that come August 3, this will happen once again. Allow crypto exchange and wallet operators to advertise “Products and services that are certified by Google.”

The requirements that exchanges wishing to advertise on the platform need to meet, Google requires applicants to either be registered with the Financial Crimes Enforcement Network, FinCEN, as a money services business (at least a state funding as transmitter) or with a “federal or state-chartered bank entity”.

While on paper, this may not seem like much, the update could potentially allow major digital financial institutions – those looking to enable movement between physical and digital assets – to use Google’s access once again. for, thus enabling their products to gain exposure to an entirely new investor base.

That being said, there are still some restrictions that are firmly in place. For example, according to an upcoming policy update, a large proportion of today’s upcoming decentralized finance projects will be unable to take advantage of the company’s services. Advertisements that promote the purchase, sale or trade of “initial coin offerings, the DeFi trading protocol or otherwise cryptocurrencies or related products” are prohibited, notice reads.

Finally, it is worth mentioning that crypto service providers, such as news outlets, chart aggregators, signal operators and analytical advice, remain on Google’s digital blacklist.

Google’s turbulent past with crypto ads

Anyone who has even remotely followed crypto over the years knows that Google has continued to confuse the world with its strange policies surrounding the digital asset market, with some calling them “biased and unfair”. also claimed to be.

For example, during 2018, the search engine giant kept changing its stance. Ban exchange ads, the company has also blacklisted certain conditions – including that of Ethereum, which is the second largest cryptocurrency in the market today – thus effectively curtailing growth in the sector.

But as the new ad structure goes into effect in more than a month, United States-based crypto aficionados are poised to be bombarded with ads related to some of the biggest players in the market today, such as Binance US, FTX and many more.

To shed light on how big some of these trading platforms have become, just a few months ago, FTX announced that it has received naming rights In the home court of the Miami Heat, which is set to be rebranded as the FTX Arena by the year 2040.

Will this move have any serious repercussions?

Ilija Rolovic, chief marketing officer of Enjin, a blockchain ecosystem, is of the view that by accepting certain crypto-related ads, Google will help fuel the growth of the space further. “Now is the right time for Google to open doors for such innovations as they will be a core part of the digital marketing stack of the future,” he added.

In this case, Jack Tao, CEO of cryptocurrency exchange Femex, said that the move appears to be in line with the broader trend of increasing institutional adoption and acceptance of mainstream crypto offerings:

“Over the past year, we have seen several examples of leading financial companies totaling 180 in their opinion regarding businesses that accept BTC, payment processors and digital currency. […] Given the real potential of this sector, the all-important players realize that they must either start adapting now or be left behind.

As mentioned earlier, at the moment, only FinCEN, or state-registered exchanges, can advertise their services on Google’s ad network. However, the decision itself appears to be a true testament to how far the industry has come over the past three years, as late 2017 and the entirety of 2018 were filled with ICO scams and other nefarious activities. .

Providing her view on the matter, Marie Tatibouet, chief marketing officer of cryptocurrency exchange, told Cointelegraph that the markets have evolved into an entirely new dimension during the past 36-odd months, adding:

“From scam ICOs, we are making multi-billion-[dollar] DeFi market. Bitcoin and crypto have been adopted by the mainstream, with institutions buying hoardings of bitcoin and NFTs to redefine digital ownership. The people at Google are smart, and they knew it was time to get back into the game.

While there is no doubt that the increased visibility will give a slight boost to the crypto sector, Tatibouet believes that the development will be a “game-changer”, at least in terms of adoption. “Let’s face it, cryptocurrencies are already mainstream. There are millions of tweets and reddit posts on this topic every day. Celebrities are constantly advertising their NFTs,” she emphasized.

DeFi Sector Still Neglected

According to Google’s latest policy amendment, any advertising related to the “DeFi trading protocol” is still prohibited, which raises an interesting question as to why the company is still ignoring such a growing market – which currently has a total closing price of ( TVL) Around 77 billion dollars.

Anton Bukov, co-founder of DeFi platform 1 Inch Network, told Cointelegraph that big-name players like Google are slowly but surely beginning to realize that the current decentralized finance boom is being driven by real projects that are powered by technologies. are supported whose scope is very wide. Even the limitations of their associated projects. she added:

“Many serious players in the DeFi industry are looking for additional opportunities to promote themselves and expand their user base. They are therefore able to collaborate with leading platforms such as FAANG (Facebook, Amazon, Apple, Netflix and Alphabet). would be very interested.

The fact that Google ads are constantly viewed by hundreds of millions of users who previously had no exposure to the cryptocurrency market, especially when one considers that DeFi is still growing, without the support, at large, of anyone. Mainstream advertising, a rather old-fashioned word-of-mouth route.

RELATED: Sights for Mainstream Adoption: Is Another DeFi Summer Coming?

Therefore, it will be interesting to see if Google takes a step forward in the near future and updates the terms of its policy to include the DeFi platform in the list of entities that are currently allowed to advertise on its platform. claim Active user base of over 265 million individuals who are spread across the planet.