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What’s the deal about the Spike Lee Crypto Ad.

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What's the deal with the Spike Lee Crypto Ad?

Is Crypto’s new pitchman?
Photo: Screencap/Coin Cloud

Spike Lee, in a new ad, passionately advocates cryptocurrency, or “new money” as he calls them. He previously promoted Coin Cloud, which runs crypto ATMs.

Old money is not obsolete “broke through and through” “systematically suppressed,”Lee directed the ad and starred in it, “New money is positive, inclusive”The commercial shows three smiling black people holding the Trans Lives sign.

The famous filmmaker urges you to do your research with a golden-tipped stick, a red-checked jacket, a black bow tie, and a Panama cap.

Spike Lee is the digital rebel! There is no question. There is no debate.

Join the digital currency rebellion https://t.co/PSHrjgG14s pic.twitter.com/scCQqZCWQp

– Coin Cloud 🌧 (@CoinCloudDCM) July 14, 2021

So I tried. Given that Lee shot the spot in New York, the spot features iconic views Wall Street and NYC’s hot dogs and pretzel carts. I tried to find out where they were located. But, Coin Cloud’s machine locator map was not able to locate any in New York. However, there were many throughout the country.

I was thinking that the card might be out of date or broken, so I used CoinCloud’s chat bot to inquire about it. A few minutes later the customer service representative replied, “Yes, we have a lot of machines in NY. Is there any zip code in which you would like to have the machine located?

I provided the zip code to the New York Magazine offices in downtown New York. The agent provided a North Bergen address, New Jersey.

I pushed again – I’m searching for a New York City location!

The agent took longer to respond. “Unfortunately,” he wrote. “The compliance laws have changed and we are working on getting approvals again. We will definitely have active machines this year in New York.

Spike Lee’s production company Forty Acres and A Mule Filmworks didn’t answer a question about their handling of the machine while filming. Chris McAlary (founder and CEO of Coin Cloud) explains how it happened. “We used this machine as a pro” he said. “We brought her to New York. They were in demo mode, there were no actual transactions. ”Coin Cloud had an ATM in New York at the time of its launch in 2014. However, Coin Cloud left the state to find a better solution. McAlary says that Coin Cloud has moved out of New York instead of spending the money required by BitLicense. (New York has so far only granted BitLicenses to three other crypto ATM operators.

McAlary didn’t intend to market to New York. Spike was in New York and Spike wanted to shoot there. Spike also had his own vision and we supported him.” he states. “Of course there are people from all walks of life in New York City and Brooklyn, more than, I don’t know, Iowa or something. So our products serve all walks of life. ”Coin Cloud has recently applied for BitLicense. Once state regulators approve, he hopes to reenter New York.

Bitcoin ATMs have been a niche sector of cryptocurrency. Although they’ve been the subject of headline news since 2013, they were often hidden in convenience stores and mom-and-pop bodegas. However, they are not the ones that managed to attract the customers or usage that made online crypto-selling websites like Robinhood and Coinbase mainstream.

Coin Cloud was launched by McAlary on 14th of April 2014. McAlary moved to Vegas to play online poker and turn down real jobs in order to buy a house that was foreclosed. For several years, he played online exclusively until 2011, when the US government cracked down on online gambling. McAlary recalls, “I had all of my credit locked up at these sites, it was all I had in the world for me,” and that McAlary wore a short dark mustache and satin black button-down during our Zoom call.

At the same moment, he heard about Bitcoin. He bought a mining device that he had hooked up in his garage. After running it for a few weeks, he generated about $ 2 per bitcoin. But his electric bill rose from $ 100 up to $ 600 per month, and he had the to quit operating. A new ATM was advertised to him while he searched for ways to get Bitcoin. He purchased a prototype of the ATM and had it installed on the Las Vegas Strip by 2014. He has used all of his earnings to grow the company slowly without spending any outside money. (During our zoom, we had to give him a break to authorize a bank transfer.

Coin Cloud had almost 3,000 machines across 47 states and Brazil by the end of that summer. But few people, even those in cryptocurrency, had ever heard about it. McAlary says that “everyone knew Coinbase” and “some of these other companies.” “Nobody knew who Coin Cloud was.”

Coin Cloud sought out a prominent spokesperson while searching and found Lee. McAlary states that McAlary was very familiar with crypto. “He identifies himself as someone who has the idea, but not necessarily all of the technical details. He is able to understand the implications of technology for all people.

“[Lee]I understood the risks. Because of this, a key element of the message was ‘do the research yourself’, ”adds McAlary. McAlary said that technology empowers people but that it also means that you must take responsibility. Lee and Coin Cloud have not yet disclosed how the company compensated Lee for the commercial.

Coinbase and some of the more well-known crypto exchanges target relatively sophisticated investors. Coin Cloud targets newbies. Over half of Coin Cloud’s customers are just starting to use crypto. “I want Bitcoin within the hour, how can I get it?” McAlary speaks out about the mindset of his customers. Coin Cloud allows them to take some risk. Customers can use their kiosks to buy $ 500 worth crypto by entering their phone number without any further questions. McAlary states, “We used a risk-based approach to ensure that no one can run a drug empire using $ 500.”

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