After the recent announcement renaming of Staples Center to Crypto.com Arena, the news has now caused Crypto.com‘s currency, CRO token, to increase approximately 70% in value.
The cryptocurrency company, which is based out of Singapore, is expected to shell out $700 million USD over 20-years for the renaming of the building. This is expected to be the greatest deal of its kind in history. Forbes recently reported that the value of CRO has gone up at least 69.9% since last week’s announcement. It reportedly ” hit an all-time-high of $0.7984 on Sunday…making it the 13th largest cryptocurrency by market cap.” At the start of the month, CRO was only trading for just $0.2097 USD.
CoinShares International’s chief strategy officer Meltem Demirors recently commented on the upward movement stating, “the resulting PR doubled its token price and led to a $9B run-up in market cap the deal paid for itself ~13x over.” He also added, it is “difficult to untangle token distribution and who benefited, but smart token marketing strategy!”
The new name, Crypto.com Arena will become effective from December 25 onwards. On top of its great visibility and media attention that came from the renaming news, Crypto.com also recruited Matt Damon as the face of its company last month. The company shelled out $100 million USD television and billboard marketing campaign that are set to air in more than 20 countries. Additionally, Crypto.com has an abundance of active branding parterships including with the Philadelphia 76ers, Paris Saint-Germain, UFC and Formula 1.
It remains to be seen how the value of CRO will be affected down the line.
In other tech news, “NFT” is the official word of the year.
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