Crypto companies also sought to capture a broader market of retail investors through lucrative sponsorship deals with celebrities and sports teams, many aimed directly at Black and Hispanic consumers by touting crypto as an economic equalizer.
Coin Cloud, a company that makes ATMs for cryptocurrencies and which has filed for bankruptcy, launched an ad featuring movie director Spike Lee deriding “old money” as “exploitative,” “oppressive” and ”white,” and crypto as “positive” and “inclusive.”
“The Currency of Currency” is a raw and honest snapshot of the history of money and the inequalities inherent in legacy U.S. financial systems. From institutions that intentionally exclude communities of color to wealth gaps that threaten the futures of millions of Americans, the ad shines a spotlight on how traditional currency needs another look, as well as the opportunity digital currency provides.Spike Lee’s masterful storytelling and imagery for Coin Cloud calls for a fresh way to think about money — one that is inclusive, modern and accessible to all.“Coin Cloud is on the cusp – the cutting edge – of what affects people of color when it comes to finances and access to building wealth,” Spike Lee explained. “Digital currency is viable for not just people of color, but anybody who has been historically excluded from traditional financial systems.”Filmed in New York and produced by 40 Acres and a Mule Filmworks, the spot features cameos by actress Mj Rodriguez, American drag queen & reality TV personality Shangela, singer-songwriter Teyana Taylor and actor-activist Kendrick Sampson.
Cryptocurrency ATM operator Coin Cloud has followed its primary financial backer Genesis Global Holdco LLC into bankruptcy, the latest in a string of failures in the interlaced world of digital currency.
“Old money is not going to pick us up; it pushes us down,” Mr. Lee says in the commercial, which portrays the cryptocurrency system as a more accessible and equitable alternative to traditional, discriminatory financial institutions.“The digital rebellion is here,” he says.