Coinbase scored user surge thanks to Superbowl Bitcoin giveaway

Coinbase Global Inc (NASDAQ:COIN) saw app installs spike thanks to its quirky Bitcoin giveaway ad during last Sunday’s Superbowl.

The crypto-currency exchange, which gave each new user US$15 in Bitcoin during halftime, saw a 309% jump in downloads on Sunday and a 286% stronger showing week-on-week for the Monday according to TechCrunch, citing data from app data gatherer Sensor Tower.

TechCrunch noted that the actual number of users is withheld due to non-disclosure arrangements between Sensor Tower and its clients, but, highlighted that other crypto trading apps were also boosted by Superbowl ad campaigns.

Such campaigns were notable prevalent during the big game, so much so that across social media it quickly trending as the #cryptobowl.

Whilst Coinbase simply bounced a colour changing QR code around the screen, rival exchange FTX aired fully produced Superbowl ad starring Curb Your Enthusiasm’s Larry David – and it saw a 130% bump in app downloads on Sunday followed by an 81% increase for Monday.

e-Toro saw a 132% spike in Sunday app installs and 89% for Monday.

Altogether, the three crypto trading apps marked a 279% spike in installs on Sunday and 252% on Monday.

Coinbase ran the 60-second ad spot, which is about US$14mln worth of airtime though in terms of production the ad cost little to make, compared to other celebrity-loaded campaigns which included Scarlett Johansson, Arnold Schwarzenegger, and Idris Elba.

The website’s homepage also displayed crypto-related messages including ‘Less talk, more Bitcoin.’

Users who scanned the ad’s QR code with their phones were directed to a Bitcoin giveaway, US$15 worth of BTC for each new customer sign-up.

The gimmick was, however, a victim of its own popularity as the surge of NFL fans onto the Coinbase website caused both the website and the app to crash temporarily.