Cryptocurrency News

Matt Damon’s TV spot turns one


The crypto industry has had its share of issues with marketing, from projects many authorities labeled as scams to high-profile branding with sports franchises, but one ad that has stood out came from crypto exchange featuring Hollywood star Matt Damon.

Many have ridiculed the “fortune favors the brave” ad starring Damon since its release in October 2021, using the TV spot as a creative springboard to criticize the crypto space and celebrities supporting it. The creators of South Park have aired two episodes and one two-part special poking fun at crypto users and the ad specifically. Late night TV hosts including Stephen Colbert also targeted the ad spot with parodies and jokes following the market downturn in May.

Still shot of Matt Damon in the TV spot, since made private on YouTube

At the time Damon showed his face promoting the exchange, the price of Bitcoin (BTC) was more than $60,000, Ether (ETH) was more than $4,000, and the total crypto market capitalization was roughly $2.6 trillion. Though some tokens have delivered gains to many investors since that time, the prices of BTC and ETH have dropped more than 60% since 2021, reaching $20,627 and $1,552 at the time of publication, respectively.

It’s unclear how much may have compensated Damon for the ad — he also received $1 million in donations for — but the actor was not the only celebrity promoting crypto firms. Actor and producer Reese Witherspoon’s company partnered with a nonfungible token collection to develop feature films and a television series, and Kim Kardashian promoted the EthereumMax project on her Instagram stories — which later led to charges from the United States Securities and Exchange Commission.

Related: Influential celebrities who joined the crypto club over the past year

Other marketing and regulatory efforts by the crypto exchange seem to be continuing to move forward despite CEO Kris Marszalek announcing layoffs in June. Financial regulatory authorities in Italy, Cyprus, France and the United Kingdom have approved to offer crypto services to their residents, and the exchange proceeded with renovating the former Staples Center in Los Angeles following a $700-million agreement.

While inked many sponsorship deals with sports organizations prior to the market downturn, reports have suggested that the exchange may have reduced the scale of some of these partnerships. Cointelegraph reported in September that the crypto exchange dropped out of a half-billion-dollar sponsorship deal with the Union of European Football Associations Champions League. An October report suggested’s deals with the Los Angeles’ Angel City Football Club, the 2022 FIFA World Cup in Qatar and esports tournament host Twitch Rivals may also have been affected.