Crypto.com, a cryptocurrency buying and selling platform, secured a 20-year contract deal price $700 million with the Anschutz Entertainment Group (AEG) to purchase the naming rights to the Staples Center in Los Angeles, residence to the Los Angeles Lakers.
The title change will take impact on Christmas Day, when the Lakers host the Brooklyn Nets.
After the deal was introduced Tuesday night, Crypto.com’s coin, referred to as CRO, rallied. It’s up over 24% in 24 hours and has cracked the top 20 cryptocurrencies by market worth. CRO is now ranked No. 18, in response to CoinGecko.
Crypto.com has seen substantial progress in a comparatively brief interval. The platform launched in 2016 and surpassed 1 million customers in September 2019. It now boasts greater than 10 million customers.
CRO launched at the end of 2018, and the approximate return on funding if bought on the time of launch is over 2,500%, in response to CoinMarketCap. But bear in mind: Financial consultants view cryptocurrencies as unstable, dangerous investments. As rapidly as one reaches a brand new excessive, it may return down.
Nonetheless, this deal with AEG could result in extra market share for Crypto.com in the cryptocurrency house, as it would now be related to the Lakers, one of many NBA’s top manufacturers.