Coinbase's Latest Ad: Blockchain's Potential to Revitalise the Penny

Feb 13, 2024

Coinbase's Latest Ad: Blockchain's Potential to Revitalise the Penny
Coinbase's Latest Ad: Blockchain's Potential to Revitalise the Penny
Coinbase's Latest Ad: Blockchain's Potential to Revitalise the Penny

Coinbase's latest ad campaign suggests that moving the United States dollar onto a blockchain could give billions of pennies newfound utility, coinciding with National Lost Penny Day on Feb. 12. The campaign highlights the inefficiencies of traditional fiat systems and argues for the potential benefits of stablecoins in terms of cost savings and efficiency. According to Coinbase, approximately $1.2 million worth of pennies are lost annually, and it costs nearly three times as much to produce a penny's value. Advocates, including Zero Knowledge Consulting founder Austin Campbell, suggest that stablecoins could offer merchants advantages such as instant settlement and low-cost payments if fiat currencies transition to blockchain platforms.