Crypto.com coin has surged 91% since the exchange secured the naming rights to the home of the LA Lakers

A general view of the exterior of the Staples Center on November 18, 2021 in Los Angeles, California. (

Crypto.com coin has surged in the week since the exchange announced it had secured the naming rights to the home of Los Angeles Lakers and the Los Angeles Clippers. 

Crypto.com rallied to $0.7536 on Monday, reflecting a 91% jump from its November 17 price of $0.3931. The coin hit an all-time high of $0.7984 on Sunday, which was a 103% rise from when the exchange announced the news.

The token of the Singapore-based cryptocurrency platform worked its way up to become the 13th largest cryptocurrency by market capitalization, according to CoinMarketCap. It now boasts a $19 billion valuation, up $10 billion from last Tuesday.

The company made headlines last week when it scored the marketing slam-dunk by signing a deal with the owner of the Staples Center, AEG, for 20-year naming rights beginning on Christmas day.

For a whopping $700 million, the official home of the Los Angeles Lakers will now be named Crypto.com Arena.

"The deal paid for itself ~13x over, difficult to untangle token distribution and who benefited, but smart token marketing strategy!" Meltem Demirors, chief strategy officer at CoinShares, said on Twitter

This isn't the first high profile marketing push by the exchange. In October, Crypto.com enlisted Hollywood star Matt Damon for its first-ever marketing blitz in a bid to broaden the name recognition of the platfom.

Crypto.com, which operates a platform that allows people to buy and sell cryptocurrencies, followed a similar move from the playbook of FTX.

Sam Bankman-Fried's exchange has inked a number of sports deals this year, including buying the naming rights to the home of the Miami Heat, now known as FTX Arena. It also recently tapped MLB phenom Shohei Ohtani to be its brand ambassador, joining a roster of stars that includes NFL quarterback Tom Brady and NBA legend Stephen Curry.

 

 

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