CRO Jumps 10% Following Crypto.com Arena Deal
CRO, the native coin to Crypto.com, has jumped by 10% in just one day following a deal between Crypto.com and sports and live entertainment group AEG. The deal has given the crypto exchange the naming rights for the famous Staples Center.
This morning, CRO was trading at around $0.458 and has seen a surge of almost 30% in the last week.
The arena naming deal
The Staples Center is the LA-based arena that is most notable for hosting high-profile sports events and shows. These events include the home games of NBA team LA Lakers and LA Force. The 20,000 seat facility will now be renamed crypto.com arena
As well as having naming rights for the stadium, Crypto.com will become the official partner of the two sides. Office Sports, a specialist industry publication, has estimated that the naming rights agreement will bring the value of similar contracts to a new level. NBA analysts have confirmed that the latest agreement is believed to be the most expensive US venue naming rights deal in history.
The contract has an estimated value of $700 million and will span over a 6 year period. The contract between Crypto.com and AEG exceeds that value of a similar deal that was signed by FTX to secure the naming rights of Miami-based venue. This deal was valued at $135 million and spanned a period of 19 years.
AEG and Crypto.com are planning to kick off the new partnership by unveiling the new logo and other branding assets. These assets include the internal arena signage of crypto.comn. All of the venus external signage will be replaced by June 2022.
Co-founder of Crypto.com, Kris Marszalek, said the company is “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.”
In September, Crypto.com announced its first official jersey patch partnership with NBA team the Philadelphia 76ers.
Crypto.com claims to have more than 10 million customers. The LA expansion is part of the company’s ongoing events to boost its global recognition, including a recent $100 million ad campaign that features Matt Damon.