Singapore-based crypto exchange Crypto.com has tweeted that it will make a series of updates to its iconic arena, the Staples Center, including renovations of giant screens and concession stands, as well as a terrace overlooking downtown Los Angeles.
According to the company, the Los Angeles-based venue, the Staples Center, will be renamed and planned for a “multimillion-dollar campaign.”
Last year, Crypto.com signed a 20-year cooperation deal worth $700 million with Anschutz Entertainment Group (AEG), which owns the Staples Center and the L.A. Live.
As part of the agreement, Crypto.com has acquired the naming rights to the Staples Center, the Los Angeles Lakers home of the NBA team.
Staples Center will be renamed Crypto.com Arena. This will be the largest venue naming rights transaction in U.S. history so far.
As reported by Blockchain.News on August 24, The American cryptocurrency exchange giant FTX sponsors the University of California, Berkeley (UCB) with $17.5 million in cryptocurrency in exchange for getting the 10-year naming right of the California Memorial Stadium.
Crypto.com and BlockFi have followed a series of various crypto firms faced with massive layoffs due to the recent downturn in the crypto market. Crypto.com said it would reduce its workforce by 5%, or about 260 staff members.
In August, the leading crypto exchange acquired South Korean virtual asset exchange OK-BIT and payment service provider PnLink under the Korea Electronic Financial Exchange Act, expanding its business to South Korea.
Crypto.com’s native token CRO has continued its multi-week rally, gaining another 25% after becoming the first cryptocurrency platform to achieve SOC 2 compliance. Crypto.com also announced it had bought the naming rights to LA Lakers’ home arena earlier this month.
Crypto.com Coin Nears $1
Crypto.com’s native token is soaring off the back of a string of major announcements.
CRO spiked 25% Tuesday following the exchange’s successful completion of a Service Organization Control (SOC) 2 Audit.
The audit, conducted by globally recognized consulting firm Deloitte, affirms that Crypto.com’s information security practices, policies, procedures, and operations meet all SOC 2 standards. Crypto.com is the first crypto exchange to achieve SOC 2 compliance.
The SOC 2 compliance has helped CRO reach gains of 384% over the past month and is only the latest development in a run of bullish catalysts.
CRO/USD chart. Source: CoinGecko
At the end of October, Crypto.com announced a $100 million advertising campaign, releasing its “Fortune Favors the Brave” advertisement starring actor Matt Damon. Last week, the exchange also made headlines when it paid $700 million to acquire the naming rights for LA’s iconic Staples Center, renaming it to the Crypto.com Arena in a 20-year deal.
Crypto.com is also making efforts to improve its user experience. At the start of November, the exchange announced support for deposits and withdrawals on Cronos, a new, scalable EVM-compatible chain developed by the Crypto.org team. Cronos will work in tandem with the existing Crypto.org Chain and aims to scale the DeFi ecosystem by providing developers with the ability to rapidly port apps from Ethereum and EVM-compatible chains.
The recent positive price action makes the CRO the 12th largest cryptocurrency by market capitalization. The coin currently trades at $0.93 and is quickly approaching the $1 milestone. Whether it will be able to break this strong psychological level remains to be seen.
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You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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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.
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.
Hong Kong-based Crypto.com signed a 20-year cooperation deal worth $700 million with Anschutz Entertainment Group (AEG), which owns the Staples Center and the L.A. Live.
As part of the deal, Crypto.com won the naming rights for the Staples Center which is home to the NBA team Los Angeles Lakers.
The Staples Center will be renamed to Crypto.com Arena, and the official change in the arena’s name will take place on December 25, when the Lakers will be hosting the Brooklyn Nets.
This will be the largest venue naming rights transaction in U.S. history so far.
As reported by Blockchain.News on August 24, The American cryptocurrency exchange giant FTX sponsors the University of California, Berkeley (UCB) with $17.5 million in cryptocurrency in exchange for getting the 10-year naming right of the California Memorial Stadium.
AEG president and CEO Dan Beckerman said that this cooperation is about the future in a statement.
“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.”
Crypto.com co-founder Kris Marszalek stated that the city of Los Angeles has always been an undeniable global cultural and entertainment leader and innovative hub. He believes that the use of his cryptocurrency platform in creative ways can power the future of world-class sports, provide entertainment and technology to fans in Los Angeles and around the world.
This is not the first time that Crypto.com has been involved in sports, as early as September 24 this year, Crypto.com announced that it had formally established a partnership with the Philadelphia 76ers, becoming its official jersey logo-designated sponsor.
Earlier in Sepertember,Crypto.com reached 3-year cooperation with Paris Saint-Germain worth 29.5 million to $35.4 million. As reported by Blockchain. News on June 30, Crypto.com has paired with Formula1 as its Global Partner.
Residents of Los Angeles, sports fans, and social media personalities are making light of Crypto.com’s agreement to rename the city’s Staples Center for its own marketing purposes.
The Staples Center, a multi-purpose arena that has been home to the Los Angeles Clippers, Lakers and other major sports franchises for years, is scheduled to be renamed as the Crypto.com Arena starting on Dec. 25. This follows a $700 million agreement with the platform to hold the naming rights for 20 years. However, since its opening in 1999, the venue has always been called the Staples Center, and fans don’t seem to want Crypto.com or observers forget this fact when the handover happens.
“It will always be known as the Staples Center, no matter how many hundreds of millions of dollars Crypto.com paid for the naming rights,” said USA Today reporter Bryan Kalbrosky, who also called it “bonkers” to refer to the arena by its new name:
“Nothing means anything until we decide that it means something. This place is only going to be known as Crypto Dot Com Arena (it really doesn’t roll off the tongue, my goodness) if people buy in and agree to call it that.”
Even some of the professional sports players currently using the venue have reportedly said they will continue to be calling it by its original name. In an interview with the Los Angeles Times, Clippers guard Reggie Jackson said he “can’t see” the arena as anything other than Staples, an opinion echoed by teammate Paul George:
Paul George reacts to Staples Center’s name change: “It’ll be weird. I grew up with Staples Center being the place to play… It’s kind of stripping history here… Good thing we won’t be here too long.” pic.twitter.com/Cl5Uyi5fZT
— Farbod Esnaashari (@Farbod_E) November 17, 2021
Many cities around the world have colloquial names for streets, parks, and buildings that have long since been changed to honor historical figures or reflect sponsors. In Chicago, many residents still refer to the Willis Tower skyscraper as the Sears Tower, though it was renamed in 2009 and the department store has closed many of its once-ubiquitous branches. Lady Bird Lake in Austin is still known by many as Town Lake, though it was changed in 2007 to honor the former First Lady.
Bless their hearts. We are always gonna call it Staples Center no matter what lil name you slap on the building.
— roxane gay (@rgay) November 17, 2021
Related:FTX set to secure naming rights to Miami NBA stadium until 2040
As it grows, Crypto.com has been inking deals for reasons of brand recognition and more. In July, the company also signed a $175-million sponsorship agreement with Ultimate Fighting Championship. Actor Matt Damon recently appeared in ads released around the world promoting the platform as well.
Crypto.com has acquired naming rights to the Staples Center in a $700 million deal. It will now be called the Crypto.com Arena.
The deal also sees LA Lakers and the LA Kings become official partners of the cryptocurrency exchange.
The naming rights deal is one of the biggest in sports history.
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Crypto.com has paid $700 million to secure a 20-year naming rights agreement for LA’s iconic Staples Center, renaming it to the Crypto.com Arena.
Crypto.com Renames Staples Center
Crypto.com has signed one of the biggest naming deals in sports history.
The exchange announced that it had secured the naming rights for Los Angeles’ iconic Staples Center Tuesday. The venue will now be called the Crypto.com Arena.
We’re extremely proud to announce that Staples Center, Los Angeles’ most iconic arena is getting a new name:
https://t.co/vCNztATkNg Arena
As part of this 20 year partnership, we’re also excited to welcome the @Lakers & @LAKings as our newest partners! pic.twitter.com/KCfYKySDRt
— Crypto.com (@cryptocom) November 17, 2021
The 20-year naming rights deal with sports and live entertainment company AEG is not limited to the venue’s name. Crypto.com will also become an official cryptocurrency platform partner of the NBA’s LA Lakers and the NHL’s LA Kings, the two teams that currently occupy the venue.
AEG and Crypto.com will officially unveil the center’s new logo and arena signage on Christmas Day when the LA Lakers take on the Brooklyn Nets at the newly named arena.
Although the $700 million deal includes more than just the Staples Center naming rights, it is also significant in that it is the biggest naming rights deal in sports history. Until now, the highest amount paid for the naming rights of a sports stadium sat at $635.5 million, when the Bank of Nova Scotia renamed Toronto’s Air Canada Centre to the Scotiabank Arena in 2017.
Crypto.com co-founder and CEO Kris Marszalek commented on the historic deal, saying:
“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.”
Crypto.com has been on a marketing push in the sports world this year, teaming up with the likes of the UFC and Formula One. However, it is not the only crypto exchange to venture into sports naming rights deals. Earlier this year, FTX signed several high-profile sports partnerships. In March, the firm paid $135 million for naming rights to the Miami Heat’s home stadium, renaming it to the FTX Arena. In August, it also purchased naming rights to the football field at the California Memorial Stadium for $17.5 million.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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