Crypto.com’s CRO Token Soars on Naming Deal for LA’s Staples Center

Amid this year’s broad gains in cryptocurrencies, CRO coin’s price hadn’t really stood out – until now.

Nov 17, 2021 at 9:11 p.m. UTC
Updated Nov 18, 2021 at 1:23 a.m. UTC

Bradley Keoun is the managing editor of CoinDesk's Markets team. He owns BTC above CoinDesk's disclosure threshold of $1,000.

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.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Bradley Keoun is the managing editor of CoinDesk's Markets team. He owns BTC above CoinDesk's disclosure threshold of $1,000.

CoinDesk - Unknown

Bradley Keoun is the managing editor of CoinDesk's Markets team. He owns BTC above CoinDesk's disclosure threshold of $1,000.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown