American actor Matt Damon has offered a rare insight into why he agreed to promote Crypto.com in its “Fortune favors the bold” ad.
The ad was subsequently ridiculed by animated TV series South Park, which has repeatedly criticized the cryptocurrency industry and called out celebrities for supporting it.
Damon said that he agreed to do the ad because Crypto.com agreed to donate $1m to his charity, water.org, which motivated him to participate.
“I did that commercial in an attempt to raise money for water.org. And I gave my whole salary to water.org because we were down. And Crypto.com heard about that, and they gave $1m to water.org just on their own. So, I definitely have a lot of gratitude to them for what they did for our foundation,” he said.
The ad was at the time seen as good marketing, but the events of 2022 quickly dashed hopes that the cryptocurrency industry was sustainable, with Terraform Labs and then FTX collapsing.
In “Fortune favors the bold,” Crypto.com suggested that consumers should at least explore the industry and consider investing in it.
Naturally, cryptocurrency critics lambasted Damon’s involvement, arguing that the actor should not promote the product. In the subsequent downturn of the crypto market, consumers became angry with celebrities who had advised them to invest in specific tokens.
Kim Kardashian, Floyd Mayweather Jr. and other celebrities had to deal with lawsuits, and the US Securities and Exchange Commission.
Damon is also an investor in Crypto.com, according to a report by Bloomberg published in 2021.
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