How Bitrefill Acquired 1,920 New Vendors Across Emerging Markets with Blockchain-Ads
Vendor acquisition across emerging crypto markets
Bitrefill is the world's largest crypto e-commerce platform, enabling purchases from more than 5,000 merchants using Bitcoin and other cryptocurrencies. It serves crypto-native consumers and merchants looking to spend digital assets on everyday goods and services without converting to fiat. Bitrefill operates at enterprise scale with a growing focus on emerging markets where crypto adoption is outpacing traditional payment infrastructure.
A note on attribution: Bitrefill's paid acquisition on Blockchain-Ads is managed through affiliate partners, each running independently with their own market focus and creative approach. This case study covers one such campaign and reflects what Blockchain-Ads can deliver for Bitrefill-aligned partners targeting crypto-native merchants across emerging markets.
Bitrefill needed to grow its vendor supply side rapidly across three emerging markets. Thus, acquiring quality merchants capable of generating sustained transaction volume within a tight 60-day window.
Three obstacles defined what that required:
Bitrefill needed a network with verified crypto-native audience segments and the inventory to reach active merchants across India, Indonesia, and Brazil simultaneously.
Blockchain-Ads provided the targeting infrastructure to reach crypto-ready vendors efficiently across all three markets through four capabilities:
Performance Metrics
User Quality
The 1,920 onboarded vendors generated 48,500 platform transactions within the 60-day campaign window. Indonesia contributed 42% of total vendor acquisitions, confirming it as the highest-intent emerging market for crypto merchant adoption in this campaign.
The objective was to establish baseline vendor acquisition performance across India, Indonesia, and Brazil simultaneously. Display ads launched across crypto, finance, and business publisher inventory in all three markets.
Three creative angles ran in parallel: global merchant reach, low transaction fees, and simplified onboarding. Early data showed Indonesia generating the strongest registration volumes, accounting for a disproportionate share of conversions in the first 30 days. The low fees angle outperformed the other two on click-to-registration rate across all three markets.
Budget shifted toward the low fees creative as the primary acquisition angle across all three markets. Indonesia received increased allocation given its Phase 1 performance. The global reach and simplified onboarding angles were retained at reduced spend to maintain coverage across merchant segments less motivated by cost. The campaign closed with 1,920 verified vendor accounts acquired at $16 CPA, with Indonesia alone contributing 42% of total conversions.
Access is limited to qualified advertisers.
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