“Baffling Move: Binance Launches Crypto Perfume to Attract Female Audience”

What does crypto smell like? To celebrate International Women’s Day, Binance launched a splashy campaign to urge women to get into crypto through the power of… fragrance. But even as more women enter the industry, the crypto sphere has struggled shake the stench of a men’s locker room. Boston Consulting Group found that only 7% of web3 founders are women, and among top crypto startups, 27% of employees are women. But the messaging gets confused such that the idea of crypto perfume can come across as patronizing moreso than funny.

Have you ever wondered what the world of cryptocurrency smells like? According to Binance, one of the largest crypto exchanges in the world, it’s a combination of ozone, salt, and moss – at least for their new fragrance aptly named “CRYPTO.” As the company faces challenges and controversy, their marketing department has decided to use a different approach to attract new users – through the power of fragrance.

“It’s irreverent, fun, and pushes boundaries,” says Binance CMO Rachel Conlan. “We wanted to spark a discussion and show our support for International Women’s Day.” However, this unique campaign has also received some backlash, with many people questioning its effectiveness in promoting gender diversity in the male-dominated world of crypto.

“I think the goal of this is to be irreverent, to be fun, to try to push boundaries,” Binance CMO Rachel Conlan told TechCrunch. “While there’s always some people that will be upset, we’re confident this is opening up the discussion in the right way, and furthermore, we had an all female team that worked on this.”

The scent of “CRYPTO” has been described as a mix of refreshing notes of ozone, salt, and moss, with hints of Oud, Mandarin, and precious woods. The base notes of Amber, Woody, and Musk add depth and sophistication to the fragrance, creating an overall musky, earthy aroma.

However, the intention behind this perfume is not to reinforce stereotypes, but rather to challenge them. According to Conlan, the goal is to make the crypto space more inclusive and attract more women to the industry.

With the recent news of the industry’s lack of gender diversity, including a study by Boston Consulting Group that found only 7% of web3 founders are women, this campaign may seem superficial. But Binance’s message is clear – they are committed to promoting gender diversity and creating a more welcoming space for women in the world of crypto.

“The last thing I’d want for this is to be patronizing. What I want is to be tongue-in-cheek,” Conlan said. “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, and about borrowing from the codes of the fragrance industry and the beauty industry, of things that grab attention.”

But what message does this campaign send to women? Is a bottle of perfume really the solution to breaking down gender barriers in the industry? Despite its satirical nature, some argue that it can come across as patronizing.

In conversation with Conlan, I asked if she worries that the campaign may seem like it flattens women into a stereotype, implying that women are only interested in hyper-feminized things like perfume and shopping. I told her that I don’t wear perfume, and I don’t know many women who do. But Conlan makes the point that fragrances are more culturally prevalent in Europe and the Middle East, where she is based.

Despite any potential controversy, Binance’s intentions remain genuine. They hope to bring more women into the industry and create products that cater to the needs of both men and women. As they continue to push boundaries and spark discussion, Binance hopes to change the perception of the crypto world and make it a more inclusive space for everyone. And while it may seem like just a small step, it is a step in the right direction towards a more diverse and welcoming industry.

“We’re not just in this for once a year when we announce a new data point or a new campaign,” Conlan said. “This is something that we’re very passionate about as a company, and something we feel strongly that’s going to make the industry better. The more women we bring in to work professionally here, the more products are going to be designed with men and women in mind.”

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Max Chen

Max Chen is an AI expert and journalist with a focus on the ethical and societal implications of emerging technologies. He has a background in computer science and is known for his clear and concise writing on complex technical topics. He has also written extensively on the potential risks and benefits of AI, and is a frequent speaker on the subject at industry conferences and events.

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