Binance Launches Crypto Perfume to Attract Women to Blockchain

Binance Launches “CRYPTO” Fragrance to Encourage Women’s Participation in Cryptocurrency

The Scent of Innovation

In a bold move to celebrate International Women’s Day, Binance, the world’s largest crypto exchange by volume, has launched a unique fragrance called “CRYPTO” or “Eau de Binance.” The scent is described as a blend of ozone, salt, moss, Oud, Mandarin, precious woods, Amber, and Musk, creating a sophisticated aroma that aims to evoke the essence of the crypto world.

“I think the goal of this is to be irreverent, to be fun, to try to push boundaries,” Binance CMO Rachel Conlan told The Zero Byte. “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.”

Addressing the Gender Gap in Crypto

Despite the lighthearted nature of the campaign, Binance aims to address a serious issue: the gender disparity in the crypto industry. According to a study by Boston Consulting Group, only 7% of web3 founders are women, and among top crypto startups, just 27% of employees are women. This gender gap extends to crypto investors as well.

Conlan argues that the absurdity of the perfume is meant to lure people in, while the underlying promotion offers the first 5,000 women who complete a beginner course on Binance Academy a reward of $25 in USDT.

Navigating Challenges and Controversies

Binance’s fragrance launch comes amidst significant challenges for the company. Binance and its co-founder, Changpeng Zhao, recently pled guilty to money laundering charges and agreed to pay $4.3 billion in fines to the U.S. Department of Justice. Additionally, Binance.US, the company’s American arm, laid off two-thirds of its staff and experienced a 75% decline in trading revenues.

Some have questioned whether the “CRYPTO” fragrance campaign may be seen as patronizing or stereotyping women. However, Conlan maintains that the activation is meant to be tongue-in-cheek and satirical, borrowing from the codes of the fragrance and beauty industry to grab attention and challenge the perception of crypto as a male-dominated space.

“We really wanted to play with the emotional with this,” she said. “What does that memory of your first step into crypto evoke and make you feel?”

Looking Ahead

While the success of Binance’s “CRYPTO” fragrance campaign remains to be seen, Conlan emphasizes that the company is committed to promoting gender diversity in the industry.

“We’re not just in this for once a year when we announce a new data point or a new campaign,” she 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.”

As the crypto industry continues to evolve, initiatives like Binance’s “CRYPTO” fragrance serve as a reminder that there is still much work to be done in creating a more inclusive and diverse ecosystem.