As the crypto community rejoices at Bitcoin breaking its all-time high on Tuesday, Binance has the perfect gift to surprise that special HODL-er in your life. The world’s largest and scandal-ridden crypto exchange today unveiled CRYPTO, its own luxury scent “blending finance with fragrance,” according to a statement.
So what exactly does crypto smell like? Cynics might suggest it would evoke the sweat of a founder during an Securities and Exchange Commission investigation, but Binance insists it’s nothing but “refreshing notes of ozone, salt, and moss.”
baby what’s wrong? you haven’t touched your limited edition Binance “CRYPTO” perfume pic.twitter.com/YEtUUQQW87
— Cynthia (@cynbahati) March 6, 2024
Binance has produced around 100 bottles of the perfume, but they aren’t actually for sale, TechCrunch first reported. Instead, pop-up stands in a Bahrain shopping mall will share the fragrance.
The notion that the definitive smell of crypto could be captured forever in an opulent bottle is deliberately absurdist, the company says, and a nod to an “imagine the smell” joke derived from a 4chan meme that has since been reclaimed by the crypto community.
“This seemingly playful move carries a deeper motive: direct engagement with the public on how crypto is perceived, along with an unconventional device to attract more women into this industry,” Binance said in a statement.
Conceived by Binance’s female marketing leaders, the perfume has been launched ahead of International Women’s Day on March 8, in an effort to drive more women towards the space. The company is also offering the first 5,000 women who complete a beginner course on Binance Academy, $25 in USDT.
“CRYPTO isn’t a scent we’re marketing — it’s a message to women that they have a significant role to play in the crypto revolution,” said Rachel Conlan, Chief Marketing Officer at Binance. “Crypto is universal — it’s about empowering all individuals. It’s time to ensure no woman is left behind in this financial revolution.”
Last year, less than a fifth of U.S. crypto holders were women, a number that has however risen to just under a third, according to a study by Security. Meanwhile, less than 5% of crypto founders are female.
Binance says the campaign takes inspiration from beauty advertising tropes, subverting pre-conceived notions of who crypto is for. However, when TechCrunch questioned Conlan on whether the campaign appeals to gendered stereotypes that women are only interested in feminized material goods, she defended the approach: “The last thing I’d want for this is to be patronizing. What I want is to be tongue-in-cheek.”
While the exchange may be launching the perfume in a spirit of fun, a few spritzes may not be enough to mask former CEO founder Changpeng Zhao upcoming sent-encing that is slated for April 30 in Seattle. Prosecutors are seeking a prison term of at least 1.5 years for the Canadian national, who faces money-laundering charges and is currently free on a $175 million bond in the U.S.
The perfume drop also follow news that Binance.US, the American arm of the exchange, “imploded” soon after the SEC hit Binance with a lawsuit in June of last year, according to new court documents filed on Tuesday.