Binance, the leading name in the blockchain ecosystem, is making waves by entering the beauty industry by introducing CRYPTO, its luxurious new fragrance.
From indications, the unexpected fragrance launch was not just about scent; it was a strategic play to attract more women to the world of crypto.
CRYPTO's launch, coinciding with International Women’s Day on March 8, is part of Binance’s broader mission to foster inclusivity within the crypto industry.
Binance launched the CRYPTO fragrance with a cool marketing campaign.
The crypto giant didn't go for the usual and instead got inspired by beauty ads to create some unique ads.
The ads were pretty catchy and challenged the stereotypes about crypto. It was a bold move, and it definitely got people talking.
Transitioning from teasers, Binance began by establishing a pop-up stand for CRYPTO.
While seemingly lighthearted, this move holds a more profound purpose — engaging the public and employing innovative methods to draw more women into the crypto field.
There’s still not enough women in crypto.
— Binance (@binance) March 6, 2024
We've launched our new fragrance ‘CRYPTO’ as a new way to open up conversations with the public on what needs to be done to bridge the gender gap.
Find out more 👉 https://t.co/z2ICGrhSnC pic.twitter.com/LDTtLWME4o
Rachel Conlan, Chief Marketing Officer at Binance, encapsulated the project’s goal: “Bold, distinctive, and deliberately disruptive, CRYPTO isn’t just a scent we’re promoting — it’s a call to women to recognize their pivotal role in the crypto revolution. We're urging women to break through glass ceilings and become integral to this digital transformation redefining global finance.”
What else can the audience expect?
As an incentive, Binance is offering $25 in USDT Token Vouchers to the first 5,000 women completing a beginner’s course in cryptocurrency on Binance Academy.
The company plans various activities to celebrate International Women's Day, including local meetups, social media campaigns, and user-generated content initiatives.
The goal is to encourage discussions on women's role in crypto and raise awareness of how cryptocurrency can improve women's lives.
Where do women stand in crypto?
According to the Digital 2024 Global Overview Report by GWI, women's participation in crypto investing lags behind that of men.
This gap reflects gender imbalances in the financial sector, individual risk considerations, and the perception of the crypto space as male-dominated.
Conlan emphasizes, “Crypto is universal — it’s about empowering all individuals. It’s time to ensure no woman is left behind in this financial revolution. Our commitment to inclusion extends beyond rhetoric; we're backing it up with solid action, providing women with the educational resources they need to shape their financial futures and become active participants in this digital economy.”
Binance Gets Criticized for Women’s Day Campaign
Despite being the leading crypto exchange by volume, Binance faced mixed reactions from the community upon launching the 'CRYPTO' fragrance.
This initiative, aiming to close the gender gap in the crypto industry, sparked discussions on inclusivity, marketing strategies, and women’s representation in finance and technology.
While facing regulatory and operational challenges, including legal issues and layoffs, Binance shifted its focus to engaging women.
The "CRYPTO" fragrance, also known as "Eau de Binance," created by an all-female team, seeks to challenge stereotypes and attract women to the crypto ecosystem.
Rachel Conlan, Binance CMO, stressed the campaign's goal to be fun and boundary-pushing, intending to spark meaningful discussions around cryptocurrency in a welcoming manner.
However, the campaign received criticism. Some argue that focusing on perfume might reinforce traditional gender norms rather than dismantle them.
Social media responses reflected these concerns, with female users questioning the campaign’s ability to foster genuine gender inclusivity in the crypto industry.
“This is how we bridge the gender gap: more perfumes,” sarcastically remarked Betty, a female CEO.
Research indicates a significant gender disparity within the crypto sector, highlighting the need for inclusive strategies beyond traditional marketing methods.
Despite criticisms, Binance's initiative sheds light on the crucial issue of gender diversity in finance and technology.
“We’ve framed a lot of crypto as being by the bros, the crypto bros, a very male-dominated space. So this is about being a little bit more tongue-in-cheek and teasing with the satirical. About borrowing from the codes of the fragrance industry and the beauty industry, of things that grab attention,” Conlan added.