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Crypto startup Eidoo drew attention to its initial coin offering (ICO) by using a full-page advertisement in The Wall Street Journal to troll JPMorgan chief executive Jamie Dimon, an ardent bitcoin critic.
Last month, Dimon attracted a great deal of media attention by labeling bitcoin a “fraud” and threatening to fire any JPMorgan employee caught trading the cryptocurrency. “It’s just not a real thing, eventually it will be closed,” he said. “It’s worth nothing, he added in a separate interview a week later.
Earlier this week, crypto startup Eidoo fired back at Dimon with a full-page advertisement in The Wall Street Journal. The ad, which was also posted on the news outlet’s website, said “Maybe Jamie will fire you. But you will be free to trade in the crypto world.”
Below the fold, Eidoo included a QR code link to the smartphone app for its multicurrency wallet and hybrid exchange.
The ad did not come cheap. Full page ads in The Wall Street Journal can cost more than $350,000. However, PR stunt paid off.
“The response has been amazing,” an Eidoo spokesperson told CCN. “We have received more than 20,000 more downloads” since the ad ran.
That’s a more than 65% increase since Monday when the startup reported it had reached the 30,000 download mark. Moreover, the ad earned the startup coverage in numerous mainstream media outlets, including Business Insider and CNBC.
The ad also provided a shot in the arm to Eidoo’s initial coin offering (ICO), which is scheduled to end on October 16. At the time of writing, the Eidoo ICO has raised more than 81,700 ether, worth $26.5 million at current exchange rates.
“Jamie has not replied yet,” though, the Eidoo spokesperson added.