Keystone

Keystone Case Study

1,217

Total Conversions

6.63%

Conversion Rate

$24.65

Cost Per Acquisition

3.1×

Return on Ad Spend

Company

Keystone

Industry

Cryptocurrency Hardware

Duration

45 days

Budget

$30,000

Objective

Achieve 1,200+ wallet purchases within $25 Cost Per Acquisition while targeting open-source security advocates and multi-chain crypto holders.

Keystone, an open-source hardware wallet manufacturer, sought to acquire new customers among cryptocurrency holders managing multiple blockchain assets. With a total ad spend of $30,000 over 45 days, the campaign targeted crypto investors seeking air-gapped cold wallets with transparent security architecture and QR code transaction functionality.

Strategy

The campaign employed strategic audience targeting across behavioral and interest-based segments:

Audience Targeting: Targeted Crypto Holders and Multi-Chain Investors actively managing diverse blockchain assets, interested in Hardware Wallets, DeFi Users, and Open-Source Advocates seeking air-gapped cold storage with MetaMask integration.
Creative Setup: Deployed 5 visual variants including static banners showcasing the 4-inch touchscreen, animated GIFs demonstrating QR code transactions, and native ad formats emphasizing open-source transparency.
Channel Mix: Allocated budget across Display (60%), Native (25%), and In-App Wallet Inventory (15%) to reach users across research touchpoints and decentralized application interfaces.

Results

Total Conversions: 1,217 wallet purchases completed
Total Reach: 18,349 qualified clicks
Conversion Rate: 6.63% from click to completed purchase
Cost Per Acquisition: $24.65 per wallet sale
Return on Ad Spend: 3.1× return measured by average order value including hardware wallet and steel backup accessory sales

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Inactive-State

Active State

Execution

Retargeting Strategy: Sequential messaging moved users from awareness to purchase through progressive demonstrations of air-gapped security, multi-signature support, and MetaMask integration advantages.
Campaign Optimization: Real-time performance monitoring adjusted targeting parameters to maximize conversion rates across multi-chain holders and security-conscious investor segments.
Tracking & Measurement: Server-side conversion tracking integrated with Keystone's e-commerce platform, supplemented by pixel-based attribution using last-click model with 7-day conversion window.
Anti-Fraud Validation: Implemented fraud detection protocols with invalid traffic threshold maintained below 1.8% throughout campaign duration.

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Insights & Learnings

Open-Source Messaging Drives Trust Conversions: Emphasizing open-source firmware and verifiable security architecture converted 6.63% of clicks, proving transparency messaging resonates with privacy-focused crypto holders.
Multi-Chain Investors Segment Delivers Premium Intent: Multi-Chain Investors segment generated 3.1× higher conversion rates and $94 higher average order values compared to single-blockchain Crypto Holders targeting.
MetaMask Integration Messaging Accelerates Decisions: Ad creatives highlighting MetaMask and software wallet compatibility reduced average time-to-purchase from 9 days to 4 days for retargeted users.
Native Ad Placements Outperform Display: Native placements in crypto editorial environments generated 41% of conversions despite 25% budget allocation, indicating high engagement among research-stage buyers.
QR Code Security Positioning Differentiates from Competitors: Creative focusing on air-gapped QR transactions versus USB/Bluetooth alternatives achieved 58% higher click-through rates compared to generic hardware wallet messaging.