On November 17, Crypto.com exchanges with Anschutz Entertainment Group (AEG) took the world by surprise. 20-year $ 700 million contract on the right to name the Staples Center in Los Angeles.
And now a week after the announcement, the price of the Crypto.com CRO token has doubled from $ 0.43 on Nov.17 to $ 0.76 on Nov. 25, according to CoinMarketCap.
Meltem Demirors, Chief Strategy Officer CoinShares International Ltd wrote on Twitter:
“The results of PR increased its value and added $ 9 billion to the market.”
What is Crypto.com and why is its CRO brand so important?
Crypto.com is a digital currency exchange in Singapore launched in 2016 where you can buy, sell, lease, rent, use crypto currency and Visa credit card, and recently expanded their NFT market where you can buy and sell NFT.
CRO and native trademark exchange and internal platform owners will benefit from reducing the purchase and sale of cryptocurrencies, earning higher interest rates as the owner lends its tokens, lower interest rate when borrowing money and higher cashback in their Visa Card according to the Crypto.com website.
Crypto.com is the 10th largest cryptocurrency exchange with daily volume ($ 1.8 billion), and CRO is the 13th largest cryptocurrency with market capitalization ($ 21.3 billion) according to CoinMarketCap.
Will a major crypto implementation come from gaming companies?
Crypto.com is not the only way to convert crypto currencies into the game – FTX has also signed a deal this year.
In June, the exchange became a certified crypto broker Major League baseball it’s them too bought the rights to the names of American Airlines Arena in Miami, and relocating the venue to FTX Arena. And last month, the Binance Exchange teamed up with Italian football team SS Lazio, according to Forbes.
Crypto currencies are in a well-known phase, and the largest crypto currency exchanges are investing in gaming companies to increase their visibility for billions of game lovers around the world.
Due to the rising cost of the CRO token, investors seem to appreciate the promotion of a large partnership.
Disclaimer: Crypto.com is an affiliate of CryptoSlate.
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