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The Hollywood icon was relentlessly mocked for appearing in the ad in 2021, which was released just before the crypto markets plummeted.

Hollywood star Matt Damon has finally opened up on why he appeared in cryptocurrency exchange Crypto.com’s infamous “Fortune Favors the Brave” advertisement, which was once the subject of relentless mockery.

Speaking to the Associated Press on March 27 at the premiere of his new film, Damon appeared somewhat abashed as he explained his reason for appearing in the ad. He said it was mainly because his clean water initiative, Water.org, was indire financial circumstances, explaining:

”We had a down year in Water.org, and I did that commercial in an attempt to raise money for Water.org.”

Damon founded the clean water project in 2009 alongside engineer and philanthropist Gary White. It aims to increase access to clean water globally by providing small loans that finance the purchase and installation of water taps and toilets.

Damon explained that he had once given his whole salary to Water.org because it was in a dire financial position.

The Hollywood icon continued to say that “Crypto.com heard about that and they gave $1 million dollars to Water.org just on their own,” before adding:

“I definitely have a lot of gratitude to them, and for what they did for our foundation.”

Released in October 2021, the ad starred Damon amid a digital landscape of historic figures such as the Wright brothers and Sir Edmund Hillary. It appeared on billboards and television spots globally.

Related: SEC files lawsuit against Tron’s Justin Sun and celebrities over crypto securities offering

Following a horrendous year for crypto in 2022, the ad received widespread criticism, and Damon has since been the butt of numerous jokes, such as those on the TV show South Park and from late-night hosts such as Stephen Colbert.

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