Finance Industry Labels Google’s Crypto Ad Ban ‘Unfair’

Jordana Sacks
  • Businesses and investors alike made their opinions known after Google took the drastic step of banning cryptocurrency advertising from its platform.
  • However, the controversial policy failed to impact either bitcoin or altcoin markets, despite fears to the contrary.

Businesses and investors alike have gone on record to critique Google’s decision to ban cryptocurrency advertising on its platform. The policy, which was implemented on June 1st, has been panned as both unnecessary and unfair by numerous commentators.

However, despite fears to the contrary, Google’s controversial decision failed to make itself felt in either the bitcoin or altcoin markets, with BTC/USD sustaining new support and maintaining a level of around $7,500. The pair was trading at the time of writing at $7,453 according to CryptoCompare.

Prices were seen to increase markedly over Saturday and Sunday, at one point jumping almost $400 to highs of $7,750.

The internet leviathan has come under fire from all sides for its choice to ban cryptocurrency ad content while it continues to pursue blockchain technology itself.

As Blackmore Group’s Phillip Nunn points out:

“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices.”

Phillip Nunn

Facebook and Twitter have both adopted similar stances to Google of late, irrespective of Twitter’s own CEO recently forecasting that bitcoin would take its place as a “single world currency” by 2028.

With Google’s stance on blockchain similarly conflicted, Nunn and many others suspect a targeted move akin to that of Facebook – one intended to clear the way for its own centralised virtual asset.

The CEO explains:

“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future. Removing other crypto adverts allows them to do it on their own terms.”

Phillip Nunn

UK disruptor bank Revolut also added its voice to the ban’s detractors, with its head of mobile Ed Cooper pointing out that the policy fails to distinguish between legitimate companies and proverbial bad apples:

“Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire.”

Ed Cooper

Featured image from Max Pixel

Cardano (ADA) on Fire: Surges Above $0.10 to Get Into Top 6, Up 206% in 2020

At 16:00 UTC on Friday (July 3), shortly after IOHK, the company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

Yesterday, on day two of the two-day "Cardano Virtual Summit: Shelley Edition", IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody "without losing the ability to delegate their stake."

On Tuesday (June 30), IOHK announced that the Shelley codebase had been released to Cardano’s mainnet (but note that the actual hard fork is not expected until around July 29):

Hoskinson had this to say about his company's agreement with Coinbase Custody, which "operates as a standalone, independently-capitalized business to Coinbase, Inc.":

"With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

"This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ada holders, without sacrificing what makes Proof of Stake blockchains special - being able to participate in the network.

"We look forward to this partnership with Coinbase, and to continuing to bring cryptocurrencies closer and closer to mainstream adoption."

As for Sam McIngvale, Head of Product at Coinbase Custody, he said:

"We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.

"We are pleased to have been selected as the custodian and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.

"The ability to successfully operate within a regulatory framework is essential for the long-term survival of cryptocurrencies.

"We are overseen by the same regulators, and held to similar capital requirements and audit requirements as a traditional financial custodian, which removes many of the perceived barriers to global acceptance of crypto."

IOHK's announcement was made just before 14:00 UTC on Friday (July 3). By 16:00 UTC, the ADA price had broken through the $0.10 resistance level for the first time since October 2018.

Currently (as of 07:34 UTC on July 4), Cardano's token is trading at $0.1003 (up 6.94% in the past 24-hour period), which makes it the sixth most valuable cryptoasset by market cap:

24 Hour CC Chart for ADA-USD on 4 July 2020.png

So far in 2020, Cardano's ADA has gone up over 206% vs. the dollar.