30th March 2023 – (New York) Cryptocurrencies have been a hot topic in recent years, with the rise of Bitcoin and other digital currencies capturing the attention of investors worldwide. In 2021, Crypto.com, a popular cryptocurrency exchange, launched a marketing campaign featuring American actor Matt Damon as its face. The campaign, titled “Fortune favours the bold,” received severe backlash from the cryptocurrency community, as many criticised Damon’s involvement and its potential consequences.
Before delving deeper into the controversy surrounding Matt Damon’s partnership with Crypto.com, it is essential to understand what Crypto.com is. Launched in 2016, Crypto.com is a cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. It also provides various services, such as a mobile app, crypto-backed loans, and a debit card that can be used to make purchases with digital currencies.
During the 2021 bull run, Crypto.com launched several marketing campaigns to promote its services. One of the most prominent campaigns featured Matt Damon, an Academy Award-winning actor. The ad was shot in a futuristic environment and urged people to take their chances and invest in cryptocurrencies using the platform’s services. However, the ad received significant backlash from the cryptocurrency community, who criticized Damon’s involvement in promoting what they deemed a volatile industry.
Many cryptocurrency critics on Twitter roasted Damon for his involvement, arguing that his popularity could lure inexperienced investors into a volatile industry, causing them significant financial loss. They also accused Damon of promoting a platform that charges high fees for its services, making it inaccessible to many individuals.
In a recent interview, Damon admitted that Crypto.com distributed $1 million to his charity entity, water.org, which has become his main motive behind the deal. The actor gave his entire salary to the organization, stating that he agreed to appear in the ad to raise money for the charity. Crypto.com then donated an additional $1 million to water.org after learning about Damon’s involvement.
In addition to his partnership with Crypto.com, Damon is also an investor in the exchange. According to Bloomberg, Damon invested an undisclosed amount in the company, making him a shareholder.
A few weeks after the ad featuring Matt Damon, Crypto.com inked a $700 million deal with the Staples Center in Los Angeles. As a result, the home ground of the LA Lakers and the LA Clippers was renamed Crypto.com Arena.