Crypto.com’s purchase of the naming rights to the Staples Center in Los Angeles led to a nearly 70% increase in the company’s cryptocurrency, the CRO token, with some saying The purchase has already paid for itself.
The coin’s value is up 69.9% in the last seven days as of Monday afternoon, According For CoinGecko, after last Tuesday Announcement That Crypto.com bought the naming rights to the iconic Downtown Los Angeles area that the Los Angeles Lakers have held for more than 20 years.
The company spent $700 million to own the naming rights for the next 20 years, Los Angeles Times informed of Last week.
Meltem Demirors, Chief Strategy Officer, CoinShares International Ltd. tweeted A $9 billion increase in the company’s market capitalization on Sunday meant the deal paid for itself “~13x more”, though he clarified that it was “difficult to sort out token distribution and who benefited.”
The company’s CRO token is currently ranked 13th by market capitalization of $18.2 billion. According to Coinbase.