Crypto.com’s record-breaking deal to acquire the naming rights to the iconic Staples Center in Los Angeles is arguably the biggest news of the week in the cryptocurrency industry. While it raises eyebrows, the deal already seems to be paying off for the Singaporean company, according to Kirpto analyst Steven Msoh. Meanwhile, the token of the altcoin project increased by 30%. The analyst notes that, along with Coinbase and FTX, it has increased trading volume as sports deals seem to be bringing in new users.
Post-deal altcoin project, ATH rapt
Crypto.com entered into a deal with Staples Center owner AEG this week to rename the venue to Crypto.com Arena. As CNF reports, this was the largest naming rights deal in US sports history. Staples Center is home to the LA Lakers, a premier NBA franchise, as well as the LA Clippers, the WNBA’s LA Sparks, and the NHL’s LA Kings. The analyst apparently thinks the $700 million deal has already paid dividends.
Crypto.com’s native token CRO set the all-time high (ATH) at $0.598 after the announcement. According to CoinMarketCap data, the CRO started to decline after reaching its ATH and was trading at $0.5029 at the time of writing, losing 1.2% in the last 24 hours.
cryptocoin.com As we reported, volume increased as the eyes of the world turned to the alcoin project whose name will be associated with the most famous NBA team for the next two decades. Just a few days ago, it went from under $200 million to over $2 billion, up 1,000%. With a total market cap of $14 billion, Crypto.com is currently the 17th largest altcoin project in the market, a spot ahead of DeFi kingpin Uniswap and Oracle network Chainlink.
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