Hassan Maishera
CRO Closes In On $0.60
CRO, the native token of the Crypto.com cryptocurrency exchange, raced to a new all-time high a few hours ago. This latest development comes despite the broader crypto market currently experiencing huge losses.
CRO traded at $0.588, it's a new all-time high. The new all-time high was achieved despite the broader crypto market currently in a bearish situation. At press time, CRO is trading at $0.508, up by more than 5% over the past 24 hours.
The recent rally was caused by Crypto.com's latest foray into the sporting world. Yesterday, Crypto.com and AEG agreed on a deal worth $700 million that would see the crypto exchange secure the naming rights to the Staples Center in Los Angeles. The basketball stadium will soon be called the Crypto.com Arena, and the deal will become official on Christmas day.
Crypto.com's chief executive, Kris Marszalek, stated that "In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream. This is just such a brilliant move from the guys at AEG because the next decade belongs to crypto. And this positions L.A. and this particular venue right at the center of it."
CRO has been one of the best performing cryptocurrencies in recent months. Over the past three months, CRO has added more than 250% to its value. Since the start of the year, CRO's price has increased by more than 700%.
Crypto.com has been spending big on adverts and sporting partnerships in recent months. The crypto exchange is an official partner to some sporting institutions like Paris Saint Germain. Crypto.com also featured Matt Damon in its latest ad.
Another exchange that has adopted similar tactics is FTX, which bought the naming rights to the Miami Heats arena earlier this year for approximately $135 million.
