The term “unpredictable” has almost become synonymous with the crypto industry at this point, as recently shown when tech giant Google decided to disable digital asset exchanges from the use of its advertising services after a long period of almost three years.
In this regard, a policy update blog published by the company stated that, as of August 3, it will once again allow cryptocurrency and wallet operators to advertise “those products and services that are certified by Google.”
In terms of the requirements that exchanges seeking to advertise on the platform must meet, Google requires applicants to be registered with FinCEN’s Financial Crimes Enforcement Network as a money services company (with at least one status as a transmitter of money). or with a “federal or state bank.”
Although on paper this may not seem like much, the update can potentially allow prominent digital financial institutions, seeking to enable movement between physical and digital assets, to make use of Google’s reach once again, thereby allowing their products to win. exposure to a whole new investor base.
That said, there are still certain restrictions that are firmly in place. For example, according to the upcoming policy update, a large portion of today’s emerging decentralized finance projects will not be able to make use of the company’s services. “Announcements of initial coin offerings, DeFi trading protocols, or promoting the purchase, sale, or trade of cryptocurrencies or related products” remain prohibited, the notice states. read.
Lastly, it should be noted that encryption service providers such as the media, chart aggregators, signal operators, and analytics ads continue to be on Google’s digital blacklist.
Google’s tumultuous past with encryption ads
Anyone who has been remotely following cryptocurrencies in recent years knows that Google has continued to confuse the world with its strange policies around the digital asset market, with some even claiming they are “biased and unfair.”
For example, throughout 2018, the search engine giant kept changing its stance on banning exchange-related ads, and the company even blacklisted certain terms, including Ethereum, the second-largest cryptocurrency. of the current market, which effectively reduced the growth of the sector.
But as the new ad structure takes effect in just over a month, U.S.-based crypto fans will be bombarded with a barrage of ads related to some of the biggest players on the market today, like Binance. US, FTX. and many more.
To highlight just how big some of these trading platforms have become, just a few months ago, FTX announced that it had acquired the naming rights to the local court from the Miami Heat, which is set to be rebranded as FTX Arena until 2040..
Will the measure have serious implications?
Ilija Rolovic, chief marketing officer for Enjin, a blockchain ecosystem, is of the opinion that by accepting certain crypto-related ads, Google will help further drive growth in the space. “Now is the right time for Google to open the doors to these kinds of innovations because they will be a centerpiece of future digital marketing,” he added.
On the matter, Jack Tao, CEO of cryptocurrency exchange Phemex, opined that the move appears to be in line with the broader trend of growing institutional adoption and acceptance of major crypto offerings, adding:
“Over the past year, we have seen numerous examples of leading financial companies that have made a 180 degree turn in their opinion on BTC, payment processors and companies that accept digital currency. […] Given the genuine potential of this field, all major players realize that they must start adapting now or get left behind. “
As noted above, at this time, only FinCEN, or state-registered exchanges, can advertise their services on Google’s ad network. However, the decision itself appears to be a real testament to how far the industry has come in the past three years, as the second half of 2017 and the entirety of 2018 appeared to be plagued by ICO scams and other nefarious activities. . .
In providing her take on the matter, Marie Tatibouet, chief marketing officer for cryptocurrency exchange Gate.io, told Cointelegraph that markets have evolved to a whole new dimension over the course of the previous 36-plus months, adding:
“From scam ICOs, we have gone to billionaires[dollar] DeFi Market. Bitcoin and cryptocurrencies have been embraced by the mainstream, with institutions buying stacks of Bitcoins and NFTs that redefine digital ownership. The folks at Google are smart and they knew it was time to get back in the game again. “
While there is no doubt that the increased visibility will give the crypto sector a little boost, Tatibouet does not believe that the development is a “game changer”, at least in terms of greater adoption. “Let’s face it, cryptocurrencies are already in the mainstream. There are millions of tweets and Reddit posts every day on the subject. Celebrities constantly advertise their NFTs, ”he emphasized.
The DeFi sector is still neglected
According to Google’s latest policy review, any announcement related to “DeFi trading protocols” is still banned, which seems to raise an interesting question as to why the company is still neglecting such a growing market, one that currently has a huge total locked value (TVL) of around $ 77 billion.
Anton Bukov, co-founder of the DeFi 1inch Network platform, told Cointelegraph that big-name players like Google are beginning to realize that the current boom in decentralized finance is being driven by real projects backed by technologies whose reach extends much further. there. the limitations of even its associated projects. He added:
“Many serious players in the DeFi industry are looking for additional opportunities to promote themselves and expand their user base. That is why they will be extremely interested in cooperating with leading platforms like FAANG (Facebook, Amazon, Apple, Netflix and Alphabet) ”.
The fact that Google ads are constantly being seen by hundreds of millions of users who previously might not have had any contact with the cryptocurrency market is extremely surprising, especially considering that DeFi continues to grow, overall, without the support. of any conventional advertising, but rather the old-fashioned word-of-mouth route.
Related: Sights On Mainstream Adoption: Is Another DeFi Summer On The Way?
So it will be interesting to see if Google goes one step further in the near future and updates the terms of its policy to include DeFi platforms in its list of entities authorized to advertise on its platform, which currently boast an active user base of more than 265 million people spread across the globe.