Tag: Los Angeles Lakers

Crypto Exchange Giant Partnering With LeBron James on Web3 Education Initiative

by Dailyhodl

NBA superstar LeBron James is teaming up with the Crypto.com exchange to promote the development of Web 3.0 through education.

In a new blog post, Crypto.com says it’s partnering with the LeBron James Family Foundation (LJFF) to provide education and access to participants of the non-profit organization’s I Promise program.

James says that he wants to ensure people from disadvantaged backgrounds are not left behind as new technologies transform the world at a rapid pace.

“Blockchain technology is revolutionizing our economy, sports and entertainment, the art world, and how we engage with one another. I want to ensure that communities like the one I come from are not left behind.

Crypto.com and I are aligned on the need to educate and support my community with the information and tools they need for inclusion.”

The I Promise program assists public school students and their families in James’s hometown of Akron, Ohio.

Singapore-based Crypto.com says of the initiative,

“Web3 promises to deliver a more fair and equitable internet, owned by the builders, creators and users. That promise can only be realized through the active engagement of diverse participants.

Through this partnership, I Promise students and families will get a strong foundation in Web3 and the innovations behind blockchain-based decentralized applications powering the future of many sectors from finance to media to art.”

The partnership with the four-time NBA champion is the latest in a series of major deals Crypto.com has secured with professional sports franchises worldwide in recent months.

Back in November, the iconic Staples Center where James plays for the Los Angeles Lakers was renamed Crypto.com Arena.

Other sponsorships with popular franchises include Formula 1 Racing, the UFC, the NHL’s Montreal Canadiens, and two European soccer teams.

Crypto.com Coin (CRO), the native token of the digital asset marketplace, is currently up 2.4% on the day and trading for $0.41.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto.com’s Ethereum-Based Altcoin Explodes After Deal With Iconic Arena

by Dailyhodl

News that the iconic Staples Center in Los Angeles will be rebranded to Crypto.com Arena is sending Crypto.com’s native altcoin to new all-time highs.

An anonymous source familiar with the plans told the Associated Press (AP) that the Singapore-based company is paying $700 million over 20 years to change the name of the home of the NBA’s Los Angeles Lakers and Los Angeles Clippers.

The announcement sparked a massive rally for Crypto.com Coin (CRO), the Ethereum-based token that powers Crypto.com.

CRO saw its price increase 51% from $0.38 to $0.57 in just one day. The coin has since stabilized and is exchanging hands at $0.48.

This isn’t the first time Crypto.com has ventured into the world of professional sports. The crypto exchange has previously inked deals with popular franchises such as Formula 1 Racing, UFC, the NHL’s Montreal Canadiens, and two European soccer teams.

The Staples Center opened in October 1999 and has since been host to the Lakers, Clippers, the NHL’s Kings, the WNBA’s Sparks, and various other major events.

The renaming is reported to officially occur on Christmas Day when the Lakers host the Brooklyn Nets.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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CRO price hits new high after Crypto.com wins Los Angeles’ Staples Center naming rights

by Cointelegraph

Crypto.com’s native cryptocurrency, CRO, hit an all-time high of $0.593 on Nov. 18 after the company won the naming rights to Los Angeles’ Staples Center.

The cryptocurrency trading platform announced Tuesday night that it had paid $700 million to the Anschutz Entertainment Group to rename Staples Center to Crypto.com for the next 20 years. In doing so, it gained links with the downtown arena’s native sports franchises, including the National Basketball Association’s Los Angeles Lakers and Clippers, and the National Hockey League’s Kings franchise.

The deal should boost Crypto.coms public awareness, and this prompted traders to raise their bids for CRO, an intermediary settlement token across various assets inside the Crypto.com ecosystem.

CRO faces interim sell-off risks at peak

CRO surged by almost 27.50% a day after Crypto.com’s marketing deal and by up to another 20% the next day to reach a record high of $0.627, putting its market capitalization near $13.15 billion.

The Crypto.com token’s upside boom also had it close above its upward sloping resistance level, constituting a broad ascending channel pattern. Bears later returned to confirm the channel’s upper trendline as resistance, but bulls overpowered their attempts, causing the price to rebound higher.

CRO/USD 3-day price chart featuring ascending channel pattern. Source: TradingView

As a result, CRO entered price discovery, underscoring traders’ anticipation that its name on a popular sporting arena would boost its adoption and prices in tandem.

However, sell-off risks were there as its relative strength index entered overbought territory.

CRO/USD daily price chart. Source: TradingView

As a result, CRO showed signs of correction after peaking out on Thursday, suggesting that many traders decided to lock their profits in anticipation that the CRO price rally would not extend any further.

Based on the CRO’s historical price actions, its next leg lower is eyeing the 20-day exponential moving average (20-day EMA; the green wave) — at near $0.37 — as its next downside target. The wave has previously acted as an accumulation zone for CRO bulls after price dips.

Crypto meets sports

Founded in 2016, Crypto.com currently ranks as the world’s ninth-largest crypto spot exchange. In the previous 24 hours, its volumes came out to be $1.82 billion, compared to Binance’s — the top crypto exchange — $31 billion.

Related: Angelenos push back on new Crypto.com arena: ‘It will always be the Staples Center’

Cypto.com also has existing sponsorship deals with the Ultimate Fighting Championship, French football club Paris Saint-Germain, and the NBA’s Philadelphia 76ers. The deals align with similar sponsorships between crypto companies and sports clubs, including BitMEX’s and Binance’s partnership with Italian Serie A clubs AC Milan and Lazio, respectively.

Meanwhile, FTX, whose native token, FTT, has surged by more than 750% this year, became the official crypto exchange brand for Major League Baseball following an announcement this year. The company also bought the naming rights for Miami Heat’s FTX Arena. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.