Crypto Exchange Crypto.com Makes a $700 Million Bet on the Future of Crypto, $CRO Up 20%
Singapore-based centralized exchange Crypto.com has signed another huge sponsorship deal, as the result of which the iconic sports area in downtown Los Angeles that is currently known as “Staples Center” will be renamed to “Crypto.com Arena”.
Staples Center is “owned and operated by the Arturo L.A. Arena Company and Anschutz Entertainment Group (AEG); it serves as home venue for the Los Angeles Kings of the National Hockey League (NHL), as well as the Los Angeles Lakers and the Los Angeles Clippers of the National Basketball Association (NBA), and the Los Angeles Sparks of the Women’s National Basketball Association (WNBA).
On Wednesday (November 17), Stapes Center issued a press release to announce that Cypto.com and AEG had signed “a historic, 20-year naming rights agreement” that renames Staples Center to Crypto.com Arena on December 25 and makes Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.
The press release went on to say that “AEG and Crypto.com will unveil the new logo and other branding assets including internal arena signage of the newly named Crypto.com Arena on Christmas Day, when the Los Angeles Lakers host the Brooklyn Nets. All of the venue’s external signage will be replaced by June 2022.”
It also reminded everyone that “each year, the world-class venue hosts over 240 major high-profile events of national and international distinction and over 4 million guests with events ranging from professional sports, concerts, family and award shows, boxing and special events, including the GRAMMY Awards, NBA All-Star Games and NHL All-Star Games among others.”
Crypto.com Co-Founder and CEO Kris Marszalek had this to say:
“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment. We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.“
On June 29, Formula 1 announced that Crypto.com, which is one of the fastest growing crypto exchanges with over 10 million users around the world, had become the “inaugural global partner of the new Sprint series for 2021, with the first event at Silverstone on Saturday July 17th, at the Formula 1 Pirelli British Grand Prix.” F1 also mentioned that Crypto.com would also “have a trackside presence at every race for the remainder of the season as part of a leading global partnership deal with Formula 1.”
Ben Pincus, Director of Commercial Partnerships at Formula 1, said:
“We are thrilled to announce Crypto.com as a Global Partner and lead partner of the Sprint event as we bring this exciting new format to fans for the first time this year. We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.
“Crypto.com are revered in the industry and their experience was key in the decision to partner with them, as well as the company’s commitment to becoming carbon negative, as we continue to move towards sustainability goals of our own.“
Jason Yanowitz, Co-Founder of Blockworks, beautifully summarized in one tweet the incredible achievements of Crypto.com’s $1 billion marketing campaign:
Crypto.com’s mission is “Accelerate the World’s Transition to Cryptocurrency”. Its vision is “Cryptocurrency in Every Wallet”.
According to the exchange, which was founded in June 2016, Crypto.com Coin ($CRO) is the native token of the Crypto.com Chain:
“The Crypto.com Chain was created to build a network of cryptocurrency projects, and develop merchants’ ability to accept crypto as a form of payment. The Crypto.com Chain is a high performing native blockchain solution, which will make the transaction flows between crypto users and merchants accepting crypto seamless, cost-efficient and secure.
“Businesses can use Crypto.com Pay Checkout and/or Invoice to enable customers to complete checkout and pay for goods and services with cryptocurrencies using the Crypto.com Wallet App. Businesses receive all their payments instantly in CRO or stable coins, or in fiat. CRO is now available on DeFi Swap.
“Users can swap CRO, be CRO Liquidity Providers to earn fees and boost their yield by up to 20x when staking CRO.“
Data by TradingView shows that currently (as of 17:20 UTC on November 17) on crypto exchange Bittrex $CRO is trading around $0.5002, up 19.52% in the past 24-hour period.
What is even more impressive is that in the year-to-date period, $CRO is up a highly impressive 755%.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image by “12019” via Pixabay
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