Crypto.com is a crypto exchange founded in 2016, headquartered in Singapore. They have agreed to pay $700 million in cash to AEG to rename the Staples Centra stadium to “Crypto.com Arena”. They have signed a 20 year deal with AEG, and the new logo will be unveiled on Christmas Day.
We are witnessing another crypto exchange platform going a step ahead to market their company and bring mainstream users into the crypto space.
Some background: Staples Center is the official home to four professional sports franchises — basketball’s Lakers, Clippers and Sparks, and Ice Hockey’s Kings. The centre has also hosted over 15 GRAMMY Awards shows. The upcoming GRAMMY Awards in January will also be held here. This is the first time the centre’s name is being changed since it first opened in 1999. At that time, Staples, an American office supply retailer has spent $120 million to put its name on the centre for 20 years.
“This [new] partnership is about the future,” AEG CEO and president Dan Beckerman said in a statement. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live.”
After effect? Now, this seems obvious. Crypto.com’s CRO token has risen 35%, pushing its market capitalization to $13.7 billion.