Plans Multi-million dollar Renovation of Staples Center

Singapore-based crypto exchange 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, 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, has acquired the naming rights to the Staples Center, the Los Angeles Lakers home of the NBA team.

Staples Center will be renamed 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. and BlockFi have followed a series of various crypto firms faced with massive layoffs due to the recent downturn in the crypto market. 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.

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Tagged : / / / / Coin Rallies Another 25% as Firm Aims for Mainstream Adoption

Share this article’s native token CRO has continued its multi-week rally, gaining another 25% after becoming the first cryptocurrency platform to achieve SOC 2 compliance. also announced it had bought the naming rights to LA Lakers’ home arena earlier this month. Coin Nears $1’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’s information security practices, policies, procedures, and operations meet all SOC 2 standards. 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, 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 Arena in a 20-year deal. 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 team. Cronos will work in tandem with the existing 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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CRO price hits new high after wins Los Angeles’ Staples Center naming rights’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 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 ecosystem.

CRO faces interim sell-off risks at peak

CRO surged by almost 27.50% a day after’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 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, 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 arena: ‘It will always be the Staples Center’ 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 Every investment and trading move involves risk, you should conduct your own research when making a decision.