CRO Token Soars 30% Amid $700 Million Deal with Los Angeles Lakers

November 19, 2021, 10:30 AM AEST - 1 week ago

News of Crypto.com securing naming rights to Los Angeles’ iconic Staples Center has seen the price of the exchange’s coin (CRO) soar, hitting an all-time high of just below US$0.57.

Crypto.com announced on November 16 that it had entered a 20-year partnership with sports entertainment company AEG, which owns and operates the Staples Center – home to four professional sports teams, including the Los Angeles Lakers and LA Kings, and a premier venue for concerts, special events and awards shows, including the Grammy Awards.

The partnership agreement includes:

  • renaming the Staples Center to Crypto.com Arena, effective December 25;
  • Crypto.com featured across the venue via branding and signage throughout the interior and exterior of the facility; and
  • Crypto.com becoming an official cryptocurrency platform partner of NBA team the LA Lakers and NHL team the LA Kings.

Commenting on the agreement, Crypto.com co-founder and CEO Kris Marszalek said:

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.

Kris Marszalek, co-founder and CEO, Crypto.com

Todd Goldstein, chief revenue officer of AEG, added:

This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come.

Todd Goldstein, chief revenue officer, AEG

The CRO token increased in value earlier this month after being listed on Coinbase, reaching almost US$0.40 within two days after tracking sideways under $0.20 previously. 

It seems Crypto.com’s aggressive marketing and focus on sporting sponsorships is paying off. The exchange also partners with the UFC, Formula 1, and in September signed a deal with French football powerhouse Paris Saint-Germain.

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