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 deals with popular franchises such as Formula 1 Racing, UFC, the NHL’s Montreal Canadiens, and two European soccer teams.
The Staples Center opened in October 1999 and has since been host to the Lakers, Clippers, the NHL’s Kings, the WNBA’s Sparks, and various other major events.
The renaming is reported to officially occur on Christmas Day when the Lakers host the Brooklyn Nets.
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