On Sunday (November 21), the price of Crypto.com Coin ($CRO), the native token of the Crypto.com Chain, surged over 27%, reaching a new all-time high of 0.7439 at 5:12 p.m. UTC on FTX.
What is $CRO?
According to the crypto exchange Crypto.com, which was founded in June 2016, Crypto.com Coin ($CRO) is the native token of the Crypto.com Chain:
“The Crypto.com Chain was created to build a network of cryptocurrency projects, and develop merchants’ ability to accept crypto as a form of payment. The Crypto.com Chain is a high performing native blockchain solution, which will make the transaction flows between crypto users and merchants accepting crypto seamless, cost-efficient and secure.
“Businesses can use Crypto.com Pay Checkout and/or Invoice to enable customers to complete checkout and pay for goods and services with cryptocurrencies using the Crypto.com Wallet App. Businesses receive all their payments instantly in CRO or stable coins, or in fiat. CRO is now available on DeFi Swap.
“Users can swap CRO, be CRO Liquidity Providers to earn fees and boost their yield by up to 20x when staking CRO.“
$CRO’s Price Action
According to data by TradingView, currently (as of 06:40 p.m. on November 21), on FTX, $CRO is trading around $0.7199, up 27.61% in the past 24-hour period.
Around 04:30 a.m. UTC on November 17, $CRO was trading around $0.3828 on FTX. Less than one hour later, Singapore-based centralized exchange Crypto.com announced that “Staples Center”, one of the most iconic sports arena in America, would be renamed to “Crypto.com Arena”, as the result of new sponsorship deal (estimated to be worth around $700 million).
Staples Center is “owned and operated by the Arturo L.A. Arena Company and Anschutz Entertainment Group (AEG); it serves as home venue for the Los Angeles Kings of the National Hockey League (NHL), as well as the Los Angeles Lakers and the Los Angeles Clippers of the National Basketball Association (NBA), and the Los Angeles Sparks of the Women’s National Basketball Association (WNBA).
Stapes Center’s press release stated that Crypto.com and AEG had signed “a historic, 20-year naming rights agreement” that renames Staples Center to Crypto.com Arena on December 25 and makes Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.
The press release went on to say that “AEG and Crypto.com will unveil the new logo and other branding assets including internal arena signage of the newly named Crypto.com Arena on Christmas Day, when the Los Angeles Lakers host the Brooklyn Nets. All of the venue’s external signage will be replaced by June 2022.”
It also reminded everyone that “each year, the world-class venue hosts over 240 major high-profile events of national and international distinction and over 4 million guests with events ranging from professional sports, concerts, family and award shows, boxing and special events, including the GRAMMY Awards, NBA All-Star Games and NHL All-Star Games among others.”
Crypto.com Co-Founder and CEO Kris Marszalek had this to say:
“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment. We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.“
Since that announcement, the $CRO price has enjoyed an impressive rally. By 5:12 p.m. UTC, when $CRO recorded its new all-time high price, the $CRO price had surged 94.33%.
On Friday (November 19), CNN International anchor and correspondent Julia Chatterley had an interview with Crypto.com CEO Kris Marszalek, during which he predicted that in 2022 his exchange would have a global user base of one billion people.
Earlier today, analytics firm Santiment correctly noted that the primary reason for $CRO’s “major breakout” this weekend is likely to be the incredible amount of publicity Crypto.com has received as the result of the Staples Center deal.
On November 17, Jason Yanowitz, Co-Founder of Blockworks, beautifully summarized in one tweet the incredible achievements of Crypto.com’s $1 billion marketing campaign:
Here is what Santiment’s blog post said about $CRO’s price action:
“Overall, very nice price action from CRO after consolidating for months. However, it’s likely to cool off before the next run.
“On-chain/Social metrics are also indicating that quite a number of people FOMO’d in, and will likely act as sell pressure if things go south.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image by “12019” via Pixabay