Crypto.com’s $700M marketing adventure pushes CRO price to a new record high

Key Takeaways:

  • Crypto.com bought the naming rights to the LA Stapes Center for 20 years and $700 million.
  • The cryptocurrency exhcange launched an extended add campaign throughout November.
  • As a result of the mentioned factors, its native token CRO price gained 163% month-to-date.

YEREVAN (CoinCHapter.com) – Crypto.com, a cryptocurrency exchange with a daily transaction volume of $1.86 billion, struck a deal with Anschutz Entertainment Group (AEG). The exchange bought the naming rights to the Staples Center, a multi-purpose arena in downtown Los Angeles.

Crypto.com Arena due Christmas day

The iconic home of the LA Lakers will be renamed “Crypto.com Arena” after a $700 million, 20-year deal, one of the biggest name-right deals in sports. The rename will be in effect on Christmas day when the Lakers host the Brooklyn Nets, and the Staples Center will replace all of its signage with the new name by June 2022.

AEG was thrilled with the bargain, as the CEO Dan Beckerman told the press.

AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.

Asserted the executive.

The exchange also plans to launch a 3000 sq ft “Crypto-activation space” inside the arena, using the space to “educate, and bring on more customers.”

Q4 2021 advertising campaign

However, the exchange’s campaign for broader recognition did not start with the Staples Center naming rights. Instead, Crypto.com launched a $100 million advertising campaign in late October that involved several A-list actors and athletes. Among others, the Oscar-winning actor and producer Matt Damon agreed to be the face of Crypto.com.

I’ve never done an endorsement like this. We’re hoping this is the beginning of a great long-term collaboration.

commented the actor in an interview.

As part of the advertising campaign, the cryptocurrency exchange brought on Ronda Rousey, a mixed-martial artist, the Lakers’ star Carmelo Anthony, snowboarder Lindsey Jacobellis, astronaut Scott Kelly, and rapper CL.

Aside from the mentioned recent collaborations, Crypto.com has affiliations with sports giants like Formula 1, Paris Saint-Germain, and the Ultimate Fighting Champion.

As a result of the active advertising, Crypto.com’s native token CRO gained 163% month-to-date.

CRO Coin Price daily chart

CRO/USDT coin pair traded at 0.558 in the European session Thursday, after a successful three weeks. The digital asset’s quarterly gains stood at 260%. Additionally, CRO coin price scored a new all-time high at $0.587 in the Asian-Pacific session. However, the rally could slow down due to overbought RSI concerns.

The RSI is a momentum indicator (purple graph at the bottom). It reflects the traders’ perception of a given asset and its return prospects. When the indicator gets over 70, the traders could see the price as “overbought” and withdraw, expecting a setback.

CRO Coin price
Crypto.com (CRO) flashes an overbought RSI. Source: CROUSDT on TradingView.com

As a result of the active advertising campaign, CRO coin gained 163% throughout November. The latest deal with AEG and the naming rights to the Staples Center added fuel to the fire and saw the token gain an additional 40%. As a result, the crypto.com bulls pushed CRO to a new all-time high of $0.587 in the Asian-Pacific session Thursday.

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