A year after Crypto.com issued its ambitious ‘Brave’ commercial featuring Matt Damon, the exchange’s trade volume has declined by 91%, year-on-year.
The information was confirmed by CoinGecko, a company that focuses on tracking trading volumes in the cryptocurrency industry, meaning that at current rates, Crypto.com is trading $380m per day compared to $4bn from a year earlier.
The company had to let go of 2,000 staffers.
Crypto.com has felt the pinch of the slowdown as it reneged on a sponsorship deal of the upcoming 2022 FIFA World Cup, and has been more careful with spending, such as buying the naming rights for sports teams’ home stadiums and arenas.
Crypto.com’s Matt Damon’s spot didn’t do much, but it reportedly cost a fortune to produce.
It also served as the butt of jokes, not least by South Park, a popular animated series, which went after the commercial and mocked it extensively over a number of episodes.
At the time, the Brave commercial was comparing cryptocurrency investors to mountain climbers, the Wright Brothers, and astronauts, all of which were interpreted with a fair degree of humor on theiInternet.
Celebrities endorsing cryptocurrencies have come under heavy criticism. Most recently, Kim Kardashian successfully settled with the US Securities and Exchange Commission (SEC) over her endorsement of cryptocurrencies and digital assets.
She is not the only person to have endorsed cryptocurrencies, with others, including Tom Brady, Larry David, and Gwyneth Paltrow backing digital assets.
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