Crypto.com is taking a big step in promoting the company and increasing its presence in the sports and entertainment industries with its latest milestone.
Therefore, Crypto.com will be investing USD 700 million to acquire the naming rights of Los Angeles Laker’s stadium. Nowadays, the rights are owned by Anschutz Entertainment Group (AEG) and it also hosts games of teams like the L.A. Lakers.
Following this agreement, the Staples Centre will be renamed the Crypto.com Arena.
Besides, the new name will be displayed on Christmas day at an NBA match between the L.A. Lakers and the Brooklyn Nets. The plan is to have Crypto.com’s name placed on all displayed signs by June next year.
We're extremely proud to announce that Staples Center, Los Angeles' most iconic arena is getting a new name:
As part of this 20 year partnership, we're also excited to welcome the @Lakers & @LAKings as our newest partners! pic.twitter.com/KCfYKySDRt
— Crypto.com (@cryptocom) November 17, 2021
3 Advantages About the Announcement of Crypto.com
The agreement is one to watch out for as it offers several exciting opportunities:
- Very High Active: The naming rights agreement is one of the highest worth in sports. According to the L.A. Times, it’s valued at over USD 35 million per year for the next 20 years.
- Big Impact on Promotion: The agreement makes them official partners of the L.A. Lakers and hockey’s LA Kings. Therefore, this partnership will certainly promote Crypto.com’s brand to several sports and entertainment fans.
- Community-centered strategy: The cryptocurrency platform will also have an allocated space for fan interactions inside the stadium.
On the other hand, Crypto.com currently has a user base of over 10 million users, alongside other key partnerships with sporting brands like the UFC, Philadelphia 76ers, P.S.G football club, and Formula 1 sprint series for 2021.
Finally, investing in the naming rights deal is a step in the right direction, as it will deepen Crypto.com’s involvement in sports and entertainment. Also, making their products available to more users.
The Staples Center will be renamed for https://t.co/pStrsPWTeQ next month in a $700 million deal. Here's what you need to know. https://t.co/6mg9ifUYsI
— CNBC (@CNBC) November 17, 2021
$CRO Price Information
As of the time of publication of this article, the $CRO is trading at USD 0.5078, it also has a 24-hour trading volume of USD 720 million. Also, the $CRO price also dropped by 6.0% over the last 24 hours. Besides, it has a circulating supply of 25.2 billion and a total supply of 30.2 billion tokens.
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