Connect with us

News

CRO Surges After Crypto.com Buys Naming Rights to Staples Center

Published

on

crypto com arena

Crypto.com (CRO), the native cryptocurrency of Singapore-headquartered exchange Crypto.com, has gained substantially after the company inked a deal to own the naming rights of the Staples Center. The firm paid Anschutz Entertainment Group (AEG), the stadium’s owner, $700 million to rebrand it to Crypto.com. Reportedly, Crypto.com will rename the arena officially on December 25.

After the announcement of the multi-million-dollar deal on Tuesday night, CRO started trading at $0.4158 before surging to a daily high of $0.5931 on November 17. However, the coin had a downward correction and closed the day trading at $0.5339.

Yesterday, CRO began trading at $0.5347 before setting an intraday high of $0.5938. The coin then corrected downwards to close the day at $0.5033. The token has since stagnated around this level, with little to no movement today. At the time of writing, CRO is changing hands at $0.5065 after losing 11.65% over the past 24 hours.

While the coin seems to have capped its gains below $0.60, it is worth noting that yesterday’s high of $0.5938 is CRO’s new all-time high (ATH). At its current level, the token has a return of investment (ROI) of 2460.9%, according to CoinMarketCap.

CRO makes the top-20 list of leading cryptos

CRO’s recent gains have also seen it enter the top-20 list of leading cryptos by market capitalization. The coin is currently the 17th-largest crypto with a market cap of $12,778,805,243.00 and 25,263,013,692 tokens in circulation.

Although CRO is currently bleeding, its technical indicators in the one-day chart point to mild bulls, with both Oscillators and Moving Averages indicating that a buying force is still present. On top of this, Crypto.com’s deal with AEG associates the company with the LA Lakers, LA Clippers, LA Kings, and LA Sparks. As such, the token could potentially continue swelling as more sports enthusiasts embrace it.

According to Kris Marszalek, the co-founder, and CEO of Crypto.com, this partnership will help the company leverage its platform in new and creative ways that enable crypto to power the future of world-class sports, entertainment, and technology for fans in Los Angeles and across the globe.

Dan Beckerman, the President, and CEO of AEG, echoed Marszalek’s sentiments, saying,

“This partnership is about the future. AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live.  We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”

cryptotelegram-telegram-banner

Jinia is a fintech writer based in Sweden focusing on the cryptocurrency market and blockchain industry. Besides Cryptotelegram, she has been writing for some renowned publications such as Cointelegraph, Invezz, etc for years. She also has experience in writing about the iGaming industry.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending