Matt Damon said he promoted Crypto.com to raise money for Water.org.
Water.org is a non-profit organization that aims to “bring water and sanitation to the world”. It has programs in Bangladesh, Brazil, Cambodia, India, Indonesia, Kenya, Mexico, Peru, Philippines, Tanzania and Uganda.
Damon said that traveling the world in the late 1980s led him to face extreme poverty, which motivated him to take action.
He believes solving poverty starts with fixing the substandard water and sanitation that plagues many developing countries. In 2009, he co-founded Water.org with sanitation expert Gary White.
Damon donates his advertising costs
Attending the premiere of his latest film Air in Los Angeles on March 27, the Associated press asked Damon about his Crypto.com sponsorship.
The A-lister said he agreed to advertise Crypto.com based on support from Water.org, which “had a down year.”
“I did this ad to raise money for Water.org.”
Damon added that the payment he received from the ad went entirely to the charity. Also, when Crypto.com discovered this, they presented another $1 million, which he is very grateful for.
“Crypto.com heard about it and they donated a million dollars to Water.org. Completely, just by themselves, so I really have a lot of gratitude for them.
Air details the story of a rookie Michael Jordan teaming up with a fledgling shoe company to create a culturally significant brand. Damon played the role of Nike Marketing Executive Sonny Vaccarowho signed Jordan in 1984, snatching him from Adidas and Converse.
Crypto.com criticized for overspending
The now infamous “Fortune favors the bold” announcement was blasted as macro conditions tightened and crypto contagion spread across the industry – with mall the companies that are reducing their workforce to survive the crisis.
In January 2023, Crypto.com said it was quitting 20% of its workforce, reducing its workforce to approximately 3,600 to 4,500 employees. The previous year saw two rounds of layoffs.
Crypto.com CEO Kris Marszalek said the company’s growth plans were too ambitious, failing to take into account the risk of contagion and “negative economic developments”.
In June 2022, the CEO of Binance Changpeng Zhao the implicit overspending on ads has put rival exchanges in a tough spot.
“It wasn’t easy to say no to Super Bowl ads, stadium naming rights, big sponsor deals a few months ago, but we did it.”