On November 17, crypto exchange Crypto.com (CRO) and Anschutz Entertainment Group (AEG) shocked the world with a massive 20-year deal for $ 700 million over the naming rights of the Staples Center in Los Angeles.
And now, a week after the announcement, the CRO price has doubled from $ 0.43 on Nov 17th to $ 0.76 on Nov 25th.
Meltem Demirors, Chief Strategy Officer CoinShares International Ltd Note on twitter:
“As a result of the PR, the CRO price doubled and market capitalization rose by $ 9 billion.”
What is Crypto.com and why is CRO so important?
Crypto.com is a Singapore-based crypto exchange founded in 2016 where you can use your Visa debit card to buy, sell, borrow, lend and spend crypto.
CRO is the exchange’s native token and holders benefit from reduced crypto purchase and sales fees, higher interest rates on token loans, lower interest rates on loans, and higher cashback in Visa.
Crypto.com is the 10th largest exchange by daily trading volume ($ 1.8 billion) and CRO is the 13th largest cryptocurrency by market capitalization ($ 21.3 billion) according to CoinMarketCap.
The mainstream adoption of crypto from the sports industry?
Crypto.com isn’t the only major exchange moving into the sports arena – FTX also had a partnership this year.
In June, the FTX exchange became the official crypto sponsor of Major League Baseball and also acquired the naming rights of the American Airlines Arena in Miami, renaming it the FTX Arena. And just last month, according to Forbes, the Binance exchange teamed up with the Italian football club SS Lazio.
Crypto.com also has previous partnerships with Formula 1, UFC, French football club Paris Saint Germain (PSG) and the NBA Philadelphia 76ers basketball team.
Cryptocurrencies are hugely popular, and major exchanges are investing in partnerships with the sports industry to increase their exposure to billions of global sports fans.
Given the surge in CRO prices, investors seem to appreciate the momentum towards mainstream partnerships.
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According to Cryptoslate