Matt Damon is amongst the elites in Hollywood.
The A-lister has been in films like Good Will Hunting, Saving Private Ryan, the Bourne franchise, Interstellar, The Martian, and lots more.
Damon is one of the famous faces who lend their faces promoting cryptocurrencies, and in his case, Damon promoted Crypto.com, a cryptocurrency exchange company based in Singapore, which issues its own exchange token named Cronos.
In fact, Damon was among the first major celebrities to endorse cryptocurrency in late 2021.
But why Crypto.com?
Cryptocurrencies had a splendid year in 2021, before collapsing in 2022.
And Crypto.com is one of the cryptocurrency exchanges that managed to survive that harsh year.
As of May 2022, the company reportedly had 50 million customers and 4,000 employees. It reportedly laid off 40% of its staff despite initially claiming it had laid off just 260 employees, or 5% of the workforce. In January, the company had again laid off another 20% of its global staff.
"I recognize we have a lot of work to do to help restore trust in the industry. It will take time, but we will get it done," said CEO Kris Marszalek at the time.
Crypto.com was also criticized for comparing Bitcoin investment to visiting Mars.
In 2023, during the time when many other celebrities have been badly mocked by their endorsements to rival exchanges, Damon was asked about the reason why he promoted Crypto.com.
People were intrigued when he explained that he owed the cryptocurrency exchange a favor.
Speaking to the Associated Press, Damon said that he was motivated when Water.org, the nonprofit he co-founded, was having a bad year.
The star said that he poured in his own money to support it during the hard time, and he also did the commercial for Crypto.com to support Water.org.
But suddenly, when Crypto.com heard about the issue Water.org was having, the cryptocurrency exchange just gave its own money, without Damon even think of asking.
"I gave my whole salary to Water.org because we were down — and Crypto.com heard about that and they gave $1 million to Water.org. Completely, just on their own," Damon recalled.
"So I definitely have a lot of gratitude to them and for what they did for our foundation."
"Crypto.com gave us this great donation, which is amazing. The money that I make for the commercials to promote them, I give 100% of that to Water.org as well," he said at the time.
"So, it's millions of dollars coming in to us. The thing that we really are proud of with what we're doing and where it relates to Crypto.com is the self-determination piece, because it's about giving people more power. It's about just creating an environment where people can help themselves."
Water.org is an international nonprofit organization with a goal of helping people living in poverty get access to safe water and improved sanitation through affordable financing.
Founded by Matt Damon and Gary White, it utilizes microfinancing solutions to help people in need of loans for water and sanitation, and works with local financial institutions in a number of countries in Africa, Asia, and Latin America.
The charity said that some 771 million people globally currently lack access to a safe supply in their home.
What's more, 1.7 billion don't have access to a toilet.
It made its first loans for water connections and toilets to India in 2008.