Crypto.com’s CRO token soared in digital-asset markets after the cryptocurrency trade and credit-card issuer inked a naming-rights cope with the Staples Center, residence of the Los Angeles Lakers basketball crew.
The Singapore-based crypto trade purchased the naming rights from AEG for 20 years for $700 million, the LA Times reported, citing sources acquainted with the matter.
The CRO value rose 35% previously 24 hours to 54.5 cents in digital-asset markets, pushing the reported market capitalization to $13.7 billion.
Among the most important cryptocurrencies, the CRO token’s staggering one-day return was virtually triple the positive factors of the next-best performer, Avalanche’s AVAX token, which rose 12%.
Bitcoin (BTC), the most important cryptocurrency by market worth, was up 0.8%, roughly the identical as for the Ethereum blockchain’s native cryptocurrency, ether (ETH).
The CRO crypto coin was a prime performer amongst digital-asset markets in 2020 however extra not too long ago had didn’t generate a lot consideration from speculators (or journalists) – till now.
Under the settlement, Crypto.com may also be an official associate of the LA Clippers and professional hockey’s LA Kings. The crypto trade’s emblem already adorns the jerseys of the National Basketball Association Philadelphia 76ers crew.
CRO is just like Binance’s BNB in that in grants trade holders discounted buying and selling charges and different perks.
Read extra: Staples Center Name Change Tops List of Crypto Sports Sponsorship Deals