matt damon

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Matt Damon reveals why he appeared in Crypto.com’s most infamous ad

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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.

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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Celebs who got burned endorsing crypto and those that got away with it

January 4, 2023 Coin Telegraph

Coin Telegraph

Screen actors and sports stars copped most of the backlash for 2022’s crypto endorsements, while soccer legends appear to have gotten away with it.

Celebrities had a shaky year promoting crypto firms and projects throughout 2022.

Many found themselves named in lawsuits over their alleged promotion of since-failed projects, while others have been relentlessly mocked on social media for their involvement in the first place.

From movie stars to television actors, sports stars to musicians, many celebrities may be regretting their endorsement deals last year, though that’s not to say that there haven’t been exceptions.

Who got burned?

In February last year, American comedian Larry David, who co-created the television series Seinfeld, appeared in a Super Bowl commercial for now-defunct crypto exchange FTX that encouraged users not to “miss out on the next big thing.”

David has since been named in a class-action lawsuit that alleges that he, along with other celebrities, had promoted FTX to unsophisticated investors without performing any due diligence on the exchange.

He’s also being investigated by the Texas State Securities Board regard payments received by FTX for his endorsements, among other celebrities.

Meanwhile, the movie star known for his role in the “Bourne Identity” film series, Matt Damon, has continued to be mocked for his part in the $100 million promotional campaign for Crypto.com.

Damon was even satirized by the animated series South Park in the season 25 premiere in February 2022.

If you bought $1,000 of bitcoin the day Matt Damon's "Fortune favors the brave!" commercial came out, it would now be worth $375 pic.twitter.com/rp5IdjBD3m
— Jon Schwarz (@schwarz) June 13, 2022

In the sporting world, Japanese tennis player Naomi Osaka signed on to be an ambassador for FTX on March 21.

Like Seinfield’s co-creator, Osaka is also named in a lawsuit along with other high-profile celebrities who endorsed FTX including basketball legends Shaquille O’Neal and Stephen Curry, and NFL quarterback Tom Brady.

Professional boxer Floyd Mayweather was also named in a crypto promotion lawsuit in 2022 over his alleged promotion of EthereumMax, though the lawsuit was eventually dismissed by a federal judge in December.

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In the world of music, American rapper and hip hop artist Snoop Dogg has been named in a class action lawsuit for allegedly promoting Bored Ape Yacht Club nonfungible tokens (NFTs), along with other musicians including Madonna, Justin Bieber, Post Malone and DJ Khaled.

The lawsuit names over 40 people and companies as defendants, also including Tennis professional Serena Williams, actress Gwyneth Paltrow and comedians Jimmy Fallon and Kevin Hart.

Who got away with it

Interestingly, not all celebrity endorsements of crypto firms have been viewed in a negative light, nor have they attracted the scrutiny of class-action lawyers.

On Jun. 30, 2022, Binance announced it had snapped up the popular TikTok personality, Khaby Lame, as an ambassador.

The deal was seen as positive for the crypto sector, as Lame’s ambassador deal is part of Binance’s mission to increase Web3 awareness and adoption around the world.

Musician DJ Steve Aoki jumped into the NFT world with fantasy sports and sports betting operator DraftKings announcing the hitmaker as the brand ambassador for its NFT market.

American rapper Eminem performed alongside Snoop Dogg during the VMA’s to perform their NFT track "From The D 2 The LCD" featuring Otherside and Bored Ape NFTs.

In the sporting world, David Beckham became the global ambassador for blockchain company DigitalBits, launching his own range of NFTs in the process.

He appears to have avoided any accusations of wrongdoing despite the founders of DigitalBits being accused in an investor lawsuit for “diverting money needed for development” to expensive sports deals and luxury travel, according to a January 2022 report from The New York Times.

Meanwhile, legendary soccer player Lionel Messi has done deals with Singapore-based Bitget, fantasy sports platform Sorare and digital fan token company Socios.com.

Cristiano Ronaldo's foray into crypto sponsorship also appears to have gone down well in the community, working with Binance for the launch of an exclusive NFT collection allowing collectors the chance to receive perks including a personal message from Ronaldo and signed merchandise.

South Park destroys Matt Damon’s Crypto.com ad in season premiere

February 3, 2022 Coin Telegraph

Business

“We just have to be brave... But not too brave or else Matt Damon will come and take all our money," said characters on the animated series, hinting at the crypto market downturn.

More than three months after its release, the ad from crypto exchange Crypto.com featuring Hollywood star Matt Damon was the subject of ridicule in the latest episode of the animated series South Park.

In the first episode of its 25th season titled “Pajama Day”, the creators of South Park took on people in the United States refusing to wear a mask and once again associated crypto investments with scams. Characters in the show attacked Damon’s appearance in an TV spot titled “fortune favors the brave”, showing the actor speaking about Crypto.com amid a digital landscape of historic figures.

“My dad said he listened to Matt Damon and lost all his money…” “Yes, everyone did! But they were brave in doing so!”

The criticism is likely related to cryptocurrencies losing more than $500 billion in combined market capitalization in January, with Bitcoin (BTC) falling from more than $42,000 to the $35,000s. According to data from Cointelegraph Markets Pro, the BTC price is $36,373 at the time of publication, having fallen more than 40% since Crypto.com released the ad featuring Damon.

“We just have to be brave.” “But not too brave or else Matt Damon will come and take all our money.”

Many know South Park for its criticism of the United States government’s response to the 2008 financial crisis, popularized by the meme “aaaand... it’s gone” — referring to one of the characters immediately losing all his money after depositing it in a bank. The show has since gone on to jokingly predict crypto will become the only acceptable form of payment in the future, and nonfungible tokens have the power to destroy the world.

Initially released in October 2021, many in mainstream media seemed not to comment on the Crypto.com ad until it aired during a National Football League game on Jan. 2. Stephen Colbert, the host of CBS’ The Late Show, took aim at the TV spot on the same evening as South Park, comparing Damon’s endorsement of crypto to the accuracy of groundhog Punxsutawney Phil predicting six more weeks of winter.

“You never rely on groundhogs for advice, no matter how convincing they are when they pitch you crypto with Matt Damon,” said Colbert.

*Parody of Matt Damon's Crypto.com ad. Source: Late Show with Stephen Colbert*

The first TV series to feature Bitcoin was the CBS drama The Good Wife in January 2012, but referencing crypto and blockchain in mainstream media has become somewhat more common as the space grows. Celebrities and others in entertainment including comedians Jim Jefferies and Bill Burr announced cryptocurrency investments in 2020, and reality star Kim Kardashian shilled the EthereumMax token to her Instagram followers the following year.

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Actor Matt Damon plugs Crypto.com in global TV spot

October 28, 2021 Coin Telegraph

Business

The actor said the platform “shares [his] commitment to empowering people around the globe with the tools needed to take control of their futures.”

Cryptocurrency exchange Crypto.com is rolling out a new ad featuring Hollywood star Matt Damon, which it plans to introduce to consumers worldwide.

The “fortune favors the brave” ad, starring Damon amid a digital landscape of historic figures, including the Wright brothers and Sir Edmund Hillary, is aimed at reaching a global audience of potential crypto users and investors. According to Crypto.com, the ad will appear on billboards and in television spots around the world and be included in its portfolio of partnerships with major sports franchises and organizations.

The announcement comes the same week Crypto.com donated $1 million to Water.org, a clean water initiative co-founded by Damon and Gary White in 2009. The actor said the platform “shares [his] commitment to empowering people around the globe with the tools needed to take control of their futures.”

*Still shot of Matt Damon in the Crypto.com TV spot*

Damon, a winner of an Academy Award and two Global Globes, is arguably one of the biggest celebrities to throw his name behind a cryptocurrency exchange. Cointelegraph reported in September that almost half of Americans in a survey of 2,200 people said they would consider investing in a digital asset if it were endorsed by a celebrity. Singer Mariah Carey announced on Oct. 19 that she would be partnering with crypto exchange Gemini to boost Bitcoin (BTC) adoption.

Founded in 2016, Crypto.com has quickly emerged as one of the fastest growing platforms in the digital asset space. The exchange started by offering customers a crypto-focused Visa card that pays out rewards for staking its native Crypto.com Coin (CRO). Most recently, the company expanded its insurance program to cover up to $750 million for its 10 million users, reflecting heightened consumer protection standards.

Who got burned?

Who got away with it

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