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- Crypto.com, a cryptocurrency trading platform, has agreed to acquire the naming rights to the Staples Center in Los Angeles from the Anschutz Entertainment Group for $700 million over a 20-year period
- Crypto.com has experienced rapid growth in a short period of time. The platform debuted in 2016 and reached one million users in September of this year. It presently has a user base of over ten million people
- Not only do AEG and Crypto.com have a vision for innovation and the future of sports and entertainment, but we also share a dedication to the communities in which we work and live
Crypto.com, a cryptocurrency trading platform, has agreed to acquire the naming rights to the Staples Center in Los Angeles from the Anschutz Entertainment Group for $700 million over a 20-year period. The Lakers will play the Brooklyn Nets on Christmas Day, and the name change will take effect. Crypto.com’s currency, CRO, surged after the purchase was revealed Tuesday night. It has risen over 24% in the last 24 hours and is now among the top 20 cryptocurrencies in terms of market capitalization. According to CoinGecko, CRO is presently ranked 18th.
Crypto.com has experienced rapid growth in a short period of time. The platform debuted in 2016 and reached one million users in September of this year. It presently has a user base of over ten million people. According to CoinMarketCap, CRO premiered at the end of 2018, and the approximate return on investment if acquired at the time of launch is over 2,500 percent. However, keep in mind that financial professionals see cryptocurrencies as volatile and dangerous investments. It is possible to go back down as rapidly as one reaches a new high.
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Nonetheless, because Crypto.com is now connected with the Lakers, one of the NBA’s top brands, this partnership with AEG may result in more market share for Crypto.com in the cryptocurrency industry. The contract also gives Crypto.com broad brand visibility, in addition to being one of the largest naming rights agreements in sports. AEG’s president and CEO, Dan Beckerman, stated that This relationship is for the future.
Not only do AEG and Crypto.com have a vision for innovation and the future of sports and entertainment, but we also share a dedication to the communities in which we work and live. They are excited to work with Crypto.com to develop important projects that will help us realize that ambition in the years ahead. CRO is presently trading at roughly 52 cents per share, with a market worth of nearly $12 billion, as of 12:43 p.m. EST on Wednesday.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
