News that the iconic Staples Center in Los Angeles will be rebranded to Crypto.com Arena is sending Crypto.com’s native altcoin to new all-time highs.
An anonymous source familiar with the plans told the Associated Press (AP) that the Singapore-based company is paying $700 million over 20 years to change the name of the home of the NBA’s Los Angeles Lakers and Los Angeles Clippers.
The announcement sparked a massive rally for Crypto.com Coin (CRO), the Ethereum-based token that powers Crypto.com.
CRO saw its price increase 51% from $0.38 to $0.57 in just one day. The coin has since stabilized and is exchanging hands at $0.48.
This isn’t the first time Crypto.com has ventured into the world of professional sports. The crypto exchange has previously inked