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Storyboard: CoinDCX appoints Ayushmann Khurrana as brand ambassador days after Amitabh Bachchan put deal on hold

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Ayushmann Khurrana’s appointment as CoinDCX brand ambassador comes days after actor Amitabh Bachchan said that he’s pausing the endorsement deal with the firm until there is clarity on the legality of cryptocurrency in India.

Storyboard: CoinDCX appoints Ayushmann Khurrana as brand ambassador days after Amitabh Bachchan put deal on hold
CoinDCX on Monday announced that it has appointed actor Ayushmann Khurrana as its new face. The announcement comes days after actor Amitabh Bachchan said that he’s pausing the endorsement deal with CoinDCX until there is clarity on the legality of cryptocurrency in India.
Currently, the Indian government has not officially recognised cryptocurrency as a financial product, and therefore it cannot be regulated by bodies such as the Securities and Exchange Board of India (Sebi).
That, however, has not deterred crypto exchanges or investors who continue to find value in crypto investments. But, players such as CoinDCX are looking to convert the fence-sitters as well. Therefore, Khurrana will feature in ‘Future Yahi Hai’ (This is the future) campaign to address key concerns surrounding crypto investments among the Indian audience. The actor will educate young Indians about crypto being simple and safe to invest in. He will also bust myths related to cryptocurrency.
The kickoff ad to be released during the festive season will feature the actor taking a humorous yet informative approach to crypto. The ad campaign will be promoted across television, print and social media platforms.
Ramalingam Subramanian, head of brand, marketing and communications, CoinDCX, says that Khurrana has always come across as a friendly and credible personality, who has a knack for connecting with both younger and older generations with his exemplary work.
“Our focus during this campaign will be to dispel the various myths surrounding crypto-based investing and breaking down the simple steps needed to enable anyone to start their crypto investment journey,” he adds.
To be sure, cryptocurrency trading is the act of speculating on cryptocurrency price movements via a trading account, or buying and selling the underlying coins via an exchange. That is where most players in India such as CoinDCX, WazirX, CoinSwitch Kuber and Zebpay are playing and trying to get as many users to their platforms. Their TG includes digital and mobile-first users between 25 and 40 age group living in tier I and II cities.
Most platforms’ marketing arsenal includes ads on video streaming platforms, social media, television as well as sponsorship deals for big events and high-reach properties such as Indian Premier League (IPL) and Bigg Boss.
Interestingly, the multimedia ad blitzkrieg by cryptocurrency platforms is continuing despite a massive regulatory loophole.
As far as advertising and marketing activities go, no specific guidelines have been put in place for cryptocurrency platforms by ad industry watchdog Advertising Standards Council of India (ASCI) despite its massive presence across media platforms.