Cypto currency “up 70%” after LA Arena deal
Crypto.com’s currency, the CRO token, rose nearly 70% following the platform’s naming rights deal for AEG’s Staples Center, according to a new report.
The Singapore-based cryptocurrency firm is said to pay $ 700 million (£ 519 million) over 20 years to rename the building, which is said to be the biggest deal of its kind in history.
Forbes has since reported that the coin’s value has risen 69.9% since last week’s announcement that the 20,000-seat Los Angeles multi-purpose venue – which will soon host Kacey Musgraves, The Weeknd and Imagine Dragons in the months to come – is to be renamed Crypto.com Arena.
In a recent tweet, Meltem Demirors, chief strategy officer at CoinShares International, said that “the resulting PR doubled its token price and led to a market cap increase of $ 9 billion to unravel the token distribution. and who benefited from it, but smart token marketing strategy! ”
https://t.co/cYo1Fq8ABI invested $ 700 million in a 20-year sponsorship, and the resulting PR doubled its token price and led to a $ 9 billion increase in market cap
the deal was profitable about 13 times, difficult to disentangle the distribution of tokens and who benefited from it, but smart token marketing strategy!
– Meltem Demir ◎ rs (@Melt_Dem) November 21, 2021
“We are very excited to partner with AEG and invest for the long term in this city,” said Crypto.com Co-Founder and CEO Kris Marszalek, “starting with Crypto.com Arena at the core downtown and using our platform in new and creative ways for cryptocurrency to power the future of world-class sports, entertainment and technology for fans in Los Angeles and around the world .
Since opening in 1999, the site has hosted NBA franchises, the Los Angeles Lakers and Los Angeles Clippers, as well as the Los Angeles Kings (of the NHL) and the Los Angeles Sparks (WNBA). It has also hosted 19 of the last 21 Grammy Awards shows.
Earlier this year, Crypto.com became the first crypto platform to partner with an F1 team (Aston Martin), an NHL team (Montreal Canadiens) and a professional sports league (Italian Serie A).