Whichever version of the Latin proverb you choose , Crypto.com's trading volume a year after Matt Damon's announcement doesn't seem very bold, daring or strong.
According to CoinGecko, Crypto.com 's normalized trading volume fell 91% last year from $4 billion to $380 million, averaging 7 days. That's not to say advertising is to blame for the decline, but the company's efforts to grow with A-list celebrities don't seem to be helping much.
There is also the issue of a bear market that has seen crypto markets lose two-thirds of their market value on an annual basis. But even before the markets crashed hard, Matt Damon's meeting with Crypto.com was the worst.
The ad compared cryptocurrency investors to astronauts, mountain climbers and the Wright brothers. Shortly after launching in November, Cr y pto.com spent $700 million to acquire the naming rights to the Los Angeles plaza formerly known as Staples Center.
At the time, marketing efforts seemed to promote the exchange . Meanwhile, Damon's ad traveled crypto circles for several months before it began reaching people outside the industry until January of this year.
The response was not good . The ad even included an episode of South Park that parodied pancake drinking .
Not only trading volume is affected.
The exchange's Kronos (CRO) token, which offers holders discounts on trading fees and other benefits, has a market capitalization of $2.8 billion and traded at $0.11 on Friday afternoon , according to CoinGecko . Both of these indicators from about half a year ago.
Crypto.com has gone through several rounds of layoffs in the past two months and had to cancel a $495 million sponsorship deal with the European Champions League (EUFA) . The week the news broke in August, the company sued a woman for keeping $10 million she accidentally sent to her crypto wallet .
It is fair to say that their volume has fallen significantly, even among their peers in the stock market.
Huobi has lost 90% of its normal size. FTX volume is down 77%, Coinbase is down 75%, and Binance, which introduced commission-free trading in Bitcoin and Ethereum over the summer, now has 57% less volume than last year.
The zero commission rate for volume growth is particularly notable for Bybit, which has grown by 757% compared to the end of October 2021.
As FTX's CEO has repeatedly pointed out over the years, the lack of fees can artificially and dramatically increase trading volume on the exchange. He even called it "one of cryptography's most enduring historical events" on Twitter this summer .