Crypto prices have rebounded following the reversal of separate anti-crypto decisions by Facebook and Google. After previously banning cryptocurrency ads on its platform, Facebook has whitelisted Coinbase advertisements, and Google on its part now includes major cryptocurrency coins in its exchange rate converter tool.
Internet Giants vs. Crypto
BTCManager reported earlier that Facebook and Google both faced backlash following poorly-received unilateral action against cryptocurrencies on their platforms. On its part, Facebook imposed a blanket ban on all cryptocurrency advertisements on its platform. In a separate blow to the cryptosphere, Google refused to add exchange rates for cryptocurrency coins such as bitcoin and ether.
The two moves were made ostensibly to combat the possibility of facilitating fraudulent activities such as scam ICOs, but they attracted criticism because they were made arbitrarily and without consultation. Critics noted that regardless of the presence of crypto-related fraud, there are still a vast number of legitimate cryptocurrencies and crypto startups in existence.
By lumping the entire cryptocurrency market under one category, the message from Facebook and Google was that they view the whole cryptosphere as an illicit space. At a time when the industry is on the cusp of a new growth phase and investment from institutional finance, this was not received well.
Backlash and Reversal
Facebook quickly softened its stance on cryptocurrency advertising, announcing that it will instead curate a whitelist of legitimate cryptocurrency organizations allowed to advertise on the platform. Following that announcement, Coinbase has finally been added to the whitelist, meaning that it can now place adverts on the world’s largest social media platform.
The news popped up on July 20, 2018, when CEO of the U.S.-based crypto exchange Brian Armstrong posted a tweet with an attached Coinbase ad in Facebook.
Facebook banned ads for crypto earlier this year. Proud to say we've now been whitelisted and are back introducing more people to an open financial system 👌 pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018
The news immediately proved popular across the cryptosphere, with Armstrong’s tweet attracting over 700 Retweets, more than 3,000 Likes, and 160 replies.
While this was going on, Google had its crypto-positive moments as it added bitcoin, bitcoin cash, ethereum and litecoin to its online currency exchange conversion tool. This means that it is now possible for Google users to search for any of these coins and view its current price in their local fiat currency.
Amidst the positive responses to Google’s move, some have however pointed out that the coin exchange rates quoted on Google are different to those on CoinMarketCap, which is seen as one of the most accurate industry data sources. At present, there is no information available regarding where Google sources its quotes.
BTCManager reported earlier that Google co-founder Sergey Brin is involved in an Ethereum mining operation alongside his son.