What does crypto smell like? According to Binance’s new fragrance “CRYPTO”, ozone, salt and moss.
Binance is the world’s largest cryptocurrency exchange by trading volume, but the company is facing serious challenges. The company and its co-founder, Changpeng Zhao, pleaded guilty to money laundering charges and agreed to pay a $4.3 billion fine to the U.S. Department of Justice. Binance has since laid off two-thirds of its employees and trading revenue has dropped by 75%.
Meanwhile, Binance’s marketing department is solving a different kind of problem (one with less risk of fraud). To celebrate International Women’s Day, Binance has launched a high-profile campaign urging women to enter the cryptocurrency space through the power of fragrance.
“I think the intention is to be irreverent, to be fun, to try to push boundaries,” Binance CMO Rachel Conlan told TechCrunch. “While there are always going to be people who are upset, we believe it starts the discussion in the right way and we have an all-female team working on it.”
Binance tease The fragrance on has been repurposed among cryptocurrency evangelists.
As you might guess, the “CRYPTO” scent (also known as “Eau de Binance”) smells like the last day of a stressful hackathon where no one had time to shower. Or maybe it smells like Sam Bankman-Freed’s cell. But this is exactly the stereotype Conlan is trying to break and make the cryptocurrency space seem more inclusive.
The actual scent description reads: “The fragrance opens with refreshing notes of ozone, salt and moss, evoking the essence of a refreshing and energizing breeze. The heart showcases a luxurious blend of oud, citrus and precious woods, while amber, woody notes and musk base notes bring warmth, musky sweetness, and earthiness for a refined scent.”
Say what you will about “Binance Water,” but it trumped the crypto industry’s contribution to International Women’s Day 2022, when Bain Capital Crypto enthusiastically posted a collage of seven men announcing the launch of a new investment team. But even as more women enter the industry, the cryptocurrency space still struggles to shake off the stench of the male locker room. The Boston Consulting Group found that only 7% of web3 founders are women, while 27% of employees at top crypto startups are women. This gender gap extends to cryptocurrency investors as well.
Binance produces around 100 bottles of the fragrance but doesn’t actually sell it – instead, women can try it at a pop-up shop in a Dubai mall. It seems a bit exaggerated that getting a sample of “CRYPTO” perfume while shopping would change women’s views on digital asset investing. But Conlan thought the activation was brazen. The absurdity of the fragrance is meant to attract people (“imagine the smell”), and the underlying promotion is that the first 5,000 women to complete the Binance Academy beginners course will earn $25 in USDT.
In speaking with Conlan, I asked her if she was worried that the campaign might feed into stereotypes of women, suggesting that they are only interested in highly feminine things like perfume and shopping. I told her that I don’t wear perfume and that as far as I know, not many women wear perfume. But Conlan points out that perfume is more culturally popular in Europe and her region of the Middle East.
“The last thing I want is to be condescending. What I want is a tongue-in-cheek attitude,” Conlan said. “We define a lot of crypto as being a very male-dominated space by bros, crypto bros. So it’s about a little bit more tongue-in-cheek and sarcastic teasing, and borrowing from the norms of the fragrance industry and the beauty industry, and getting attention. Powerful things.”
If this is indeed the satire Conlan is referring to, the success of the satire depends on what Binance is actually making fun of. Is this fragrance truly trying to make women more financially aware? If so, what does this marketing strategy say about the company’s view of women? When it comes to gender diversity in finance, the solution isn’t as simple as a bottle of essential oil. But the messaging has become muddled, to the point where the idea of encrypted perfume might come across as condescending rather than interesting.
“We really wanted to play with emotion,” she said. “What does the memory of your first foray into cryptocurrency bring back to you and how did it make you feel?”
It’s hard to ignore the idea that women really need to overcome sexism in tech, a whiff of Binance water. But Conlan’s intentions seemed sincere, though easily misunderstood.
“We’re not just announcing new data points or new events once a year,” she said. “As a company, this is something we are very passionate about and we feel strongly that it will change the industry for the better. The more women we employ here in professional roles, the more products will be designed with men in mind and women.”
