Actor-producer Matt Damon has revealed what he says is the actual reason behind his now-infamous ad deal with Crypto.com.
Damon was among the first major celebrities to endorse crypto in late 2021.
Crypto.com Commercial for the Benefit of Charity
When Matt Damon launched his cryptocurrency effort for the Crypto.com exchange, markets were just below their cycle peak. The American actor claimed he accepted the commercial to benefit his foundation.
In an event for his upcoming movie ‘Air,’ Damon stated, “The story behind that for me, personally, was that we had a down year in water.org. And I did that commercial in an attempt to raise money for water.org.”
Damon disclosed that during the slump, he donated his entire salary to his non-profit. He expressed gratitude to crypto.com for independently donating $1 million to the charity.
SEC Ramps Up Supervision After FTX Implosion
Damon’s appearance in the infamous ad is making headlines amid tightening action by the U.S. securities regulator.
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.
The regulators have previously reprimanded Crypto.com for its crypto ads. The UK’s Advertising Standards Authority (ASA) took down a sponsored Facebook advertisement from Crypto.com last year. It was held that the ad failed to highlight the risk associated with investing in NFTs and omitted to make clear the fees that would apply.
Singapore-based Crypto.com was investing heavily in promotions and sports partnerships. Crypto.com not only splurged to feature in the Super Bowl, it previously inked a $700 million agreement to rebrand the Los Angeles Staples Center as 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 financial year. In January, the platform said it is reducing its global workforce by approximately 20%.
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