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Crypto.com’s CRO Token Soars on Naming Deal for LA’s Staples Center
Amid this year’s broad gains in cryptocurrencies, CRO coin’s price hadn’t really stood out – until now.
Crypto.com’s CRO token soared in digital-asset markets after the cryptocurrency exchange and credit-card issuer inked a naming-rights deal with the Staples Center, home of the Los Angeles Lakers basketball team.
The Singapore-based crypto exchange bought the naming rights from AEG for 20 years for $700 million, the LA Times reported, citing sources familiar with the matter.
STORY CONTINUES BELOW
The CRO price rose 35% in the past 24 hours to 54.5 cents in digital-asset markets, pushing the reported market capitalization to $13.7 billion.
Among the largest cryptocurrencies, the CRO token’s staggering one-day return was almost triple the gains of the next-best performer, Avalanche’s AVAX token, which rose 12%.
Bitcoin (BTC), the largest cryptocurrency by market value, was up 0.8%, roughly the same as for the Ethereum blockchain’s native cryptocurrency, ether (ETH).
The CRO crypto coin was a top performer among digital-asset markets in 2020 but more recently had failed to generate much attention from speculators (or journalists) – until now.
Under the agreement, Crypto.com will also be an official partner of the LA Clippers and pro hockey’s LA Kings. The crypto exchange’s logo already adorns the jerseys of the National Basketball Association Philadelphia 76ers team.
CRO is similar to Binance’s BNB in that in grants exchange holders discounted trading fees and other perks.
Read more:Staples Center Name Change Tops List of Crypto Sports Sponsorship Deals
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
