Crypto.com Coin jumps 39% on Staples Center news

The Staples Center will be renamed the Crypto.com Arena

A conceptualisation of a CRO coin                                 
Crypto.com has bought the naming rights to the Staples Center in Los Angeles - Photo:Shutterstock
                                

The Crypto.com Coin (CRO) has increased in value by 39% after the announcement that Crypto.com has bought the naming rights to the Staples Center in Los Angeles.

The CRO is the native crypto token of Crypto.com, the world’s fastest-growing cryptocurrency platform.

Prior to the Staples Center statement, CRO was priced at $0.39 – following news of the LA stadium being renamed the Crypto.com Arena,  CRO increased to $0.59, according to CoinMarketCap.

The Anschutz Entertainment Group (AEG), which owns and operates the Staples Center, reached an agreement with Crypto.com to buy the naming rights of the arena for more than $700m (£521m, €618m).

Staples Center will become Crypto.com Arena on Christmas Day

The name of the Staples Center will officially change on Christmas Day this year.

The Staples Center is home to National Basketball Association (NBA) teams the LA Lakers and the LA Clippers, as well as National Hockey League (NHL) team the LA Kings and the Women's National Basketball Association (WNBA) team, the LA Sparks.

The Grammy Awards have also been held at the Staples Center since 2000, and each year the venue hosts more than 240 major high-profile events.

The move also means Crypto.com will become the official cryptocurrency platform partner of the LA Lakers and the LA Kings.

CRO spent the majority of October stagnant around the $0.19 mark prior to the Staples Center announcement.

Matt Damon stars in Crypto.com’s new ad campaign

At the end of October, Crypto.com announced a global brand and advertisement campaign starring Matt Damon.

The campaign will air in more than 20 countries and will formally introduce the platform to consumers around the world.

The advert, entitled ‘Fortune Favours the Brave’, stars Matt Damon and was directed by Oscar-winning cinematographer and director Wally Pfister. It was produced by film director David Fincher.

The advert shows Damon explaining how some men and women have tried their utmost to achieve but have failed. However, there are those who have “embraced the moment” and committed to their goal.

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