Matt Damon comes clean on reasons behind Crypto.com ad deal
Actor-producer Matt Damon has revealed what he says is the real reason behind his now infamous advertising deal with Crypto.com.
Damon was among the first major celebrities to endorse crypto in late 2021.
When Matt Damon launched his cryptocurrency venture for the Crypto.com exchange, the markets were just below the cycle peak. The American actor claimed that he accepted the commercial to benefit his foundation.
Speaking at an event for his upcoming film ‘Air,’ Damon stated, “The story behind it for me personally was that we had a bad year in water.org. And I did that ad in an effort to raise money for water.org. »
Damon revealed that during the downturn, he donated his entire salary to his non-profit organization. He expressed gratitude to crypto.com for independently donating $1 million to the charity.
SEC Increases Oversight After FTX Implosion
Damon’s performance in the infamous ad is making headlines due to crackdown by the US Securities and Exchange Commission.
Last week, the Securities and Exchange Commission announced action against several celebrities, including Lindsay Lohan and Jake Paul. This was after acquisitions had surfaced in 2021 that actors and social media influencers heavily promoted the TRON network without clarifying that they were sponsored endorsements.
Regulators have previously reprimanded Crypto.com for its crypto ads. The UK’s Advertising Standards Authority (ASA) took down a sponsored Facebook ad from Crypto.com last year. It was believed that the advertisement failed to highlight the risks associated with investing in NFTs and failed to clarify the fees that would apply.
Singapore-based Crypto.com invested heavily in promotions and sports partnerships. Not only did Crypto.com play in the Super Bowl, it previously inked a $700 million deal to rename Los Angeles’ Staples Center the Crypto.com Arena.
However, the FTX implosion has been a blow to the sector. Crypto.com reportedly fired 2,750 employees in the last fiscal year. In January, the platform said it was reducing its global workforce by roughly 20%.
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