News targeting mass adoption by acquiring Staples Center naming rights targeting mass adoption by acquiring Staples Center naming rights targeting mass adoption by acquiring Staples Center naming rights

After spending $700 million on the naming rights to the Staples Center, the exchange token price doubled its value. targeting mass adoption by acquiring Staples Center naming rights

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

On November 17, the cryptocurrency exchange and Anschutz Entertainment Group (AEG) shocked the world with a massive $700 million 20-year agreement on the naming rights of the Staples Center in Los Angeles.

And now a week after the announcement, the CRO token price has doubled in value from $0.43 on Nov.17 to $0.76 on Nov. 25, according to CoinMarketCap.

Meltem Demirors, the Chief Strategy Officer CoinShares International Ltd noted on Twitter:

โ€œThe resulting PR doubled its token price and led to a $9 billion run-up in market capโ€ Market Cap
Even after cooling off over the past few days, the CRO token added over $7 billion to its market cap over the past week.

What is and why is its native token CRO so important? is a cryptocurrency exchange based in Singapore founded in 2016 where you can buy, sell, borrow, lend, spend cryptocurrencies with their Visa debit card, and they recently added their own NFT marketplace where you can buy and sell NFTs.

CRO is the native token of the exchange and the holders within the platform will benefit from reduced fees in buying and selling cryptocurrencies, earning more interest as the holder lends his tokens, lower interest rates when borrowing money and a higher cashback in their Visa Card according to website. is the 10th biggest cryptocurrency exchange by daily volume ($1.8 billion), and CRO is the 13th biggest cryptocurrency by market capitalization ($21.3 billion) according to CoinMarketCap.

Will crypto mainstream adoption come from the sports industry? is not the only major crypto exchange moving into sports โ€” FTX has also made partnerships this year.

In June, the exchange became the official crypto sponsor of Major League Baseball and they also bought the naming rights of the American Airlines Arena in Miami, renaming the venue to FTX Arena. And just last month, Binance Exchange partnered with the Italian soccer club SS Lazio, according to Forbes. has also made previous partnerships with Formula 1,ย UFC, the French soccer club Paris Saint Germain (PSG), and the NBA basketball team Philadelphia 76ers.

Cryptocurrencies are in a stage of mainstreaming, and the largest cryptocurrency exchanges are investing in sports industry partnerships to increase their exposure to the billions of global sports fans.

With the surge in the price of the CRO token, investors appear to value the drive towards mainstream partnerships.

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Cronos Market Data

At the time of press 8:32 pm UTC on Jan. 1, 2022, Cronos is ranked #16 by market cap and the price is up 4.69% over the past 24 hours. Cronos has a market capitalization of $14.62 billion with a 24-hour trading volume of $159.19 million. Learn more about Cronos ›


8:32 pm UTC on Jan. 1, 2022


Crypto Market Summary

At the time of press 8:32 pm UTC on Jan. 1, 2022, the total crypto market is valued at at $2.24 trillion with a 24-hour volume of $68.99 billion. Bitcoin dominance is currently at 40.03%. Learn more about the crypto market ›