Crypto.com coin has surged in the week since the exchange introduced 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% soar from its November 17 worth of $0.3931. The coin hit an all-time excessive of $0.7984 on Sunday, which was a 103% rise from when the exchange introduced the information.
The token of the Singapore-based cryptocurrency platform labored its manner up to change into the thirteenth largest cryptocurrency by market capitalization, in accordance to CoinMarketCap. It now boasts a $19 billion valuation, up $10 billion from final Tuesday.
The firm made headlines final week when it scored the advertising and marketing slam-dunk by signing a deal with the proprietor of the Staples Center, AEG, for 20-year naming rights starting 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, tough to untangle token distribution and who benefited, however good token advertising and marketing technique!” Meltem Demirors, chief technique officer at CoinShares, mentioned on Twitter.
This is not the first excessive profile advertising and 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 title recognition of the platfom.
Crypto.com, which operates a platform that enables individuals to purchase and promote cryptocurrencies, adopted an identical transfer from the playbook of FTX.
Sam Bankman-Fried’s exchange has inked a quantity of sports activities offers this yr, together with shopping for the naming rights to the home of the Miami Heat, now often known as FTX Arena. It additionally just lately tapped MLB phenom Shohei Ohtani to be its model ambassador, becoming a member of a roster of stars that features NFL quarterback Tom Brady and NBA legend Stephen Curry.