Crypto.com’s CRO token soared in digital-asset markets after the cryptocurrency exchange and credit-card issuer inked a naming-rights deal with the Staples Center, home of the Los Angeles Lakers basketball team.
The Singapore-based crypto exchange bought the naming rights from AEG for 20 years for $700 million, the LA Times reported, citing sources familiar with the matter.
The CRO price rose 35% in the past 24 hours to 54.5 cents in digital-asset markets, pushing the reported market capitalization to $13.7 billion.
Among the largest cryptocurrencies, the CRO token’s staggering one-day return was almost triple the gains of the next-best performer, Avalanche’s AVAX token, which rose 12%.
Bitcoin (BTC), the largest cryptocurrency by market value, was up 0.8%, roughly the same as for the Ethereum blockchain’s native cryptocurrency, ether (ETH).
The CRO crypto coin was a top performer among digital-asset markets in 2020 but more recently had failed to generate much attention from speculators (or journalists) – until now.
Under the agreement, Crypto.com will also be an official partner of the LA Clippers and pro hockey’s LA Kings. The crypto exchange’s logo already adorns the jerseys of the National Basketball Association Philadelphia 76ers team.
CRO is similar to Binance’s BNB in that in grants exchange holders discounted trading fees and other perks.