By Jordan Valinsky, CNN Enterprise
The app for Coinbase, a cryptocurrency exchange, briefly crashed Sunday after a weird Tremendous Bowl advert sparked a surge in visitors.
The 60-second ad featured a floating and colourful QR code bouncing across the display, much like a bouncing DVD brand. The QR code directed individuals to a hyperlink providing $15 in Bitcoin to those that join a Coinbase account earlier than February 15. The advert proved so widespread that the app crashed for about an hour.
Coinbase had greater than 20 million hits on its touchdown web page in a single minute and the engagement that was six occasions greater than earlier benchmarks, Surojit Chatterjee, chief product officer at Coinbase, wrote on Twitter. He stated that was “historic and unprecedented.”
The app additionally skyrocketed in reputation, rising from 186th place to 2nd on Apple’s App Retailer, according to crypto news website the Block.
Coinbase’s stock has been hit laborious alongside different corporations that just lately went public with shares being down 23% this yr. Traders have been dumping some riskier shares because the Federal Reserve prepares to start out mountaineering rates of interest.
Cryptocurrency corporations spent large to promote throughout Sunday’s recreation, because the trade ramps up efforts to courtroom sports activities followers. FTX, one other crypto change, featured comic Larry David. In the meantime Crypto.com — which just lately purchased the naming rights to Los Angeles’ Staples Middle, now the Crypto.com Arena — received LeBron James on board.
Bitcoin is trying to push greater after a tough few months. Its value has risen 11% in February after pulling again sharply in December and January. It was final buying and selling close to $42,600 after hitting an all-time excessive of almost $69,000 in November.
— CNN Enterprise’ Julia Horowitz and Reuters contributed to this report.
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