On November 17, the criptocurrency exchange Crypto.com and the Anschutz Entertainment Group AEG shocked the world with a $700 million 20 year agreement on the naming rights of the Staples Center in Los Angeles.
The price of the CRO has doubled from $0.43 on Nov. 17 to $0.76 on Nov. 25, according to CoinMarketCap.
The Chief Strategy Officer CoinShares International Ltd, Meltem Demirors, noted on Twitter:
What is the significance of CRO and how is its native token?
In 2016, they created a new NFT marketplace where you can buy, sell, borrow, lend, and spend cryptocurrencies with their Visa debit card.
The holders of CRO will get more interest as the holder lends his token, lower interest rates and a higher cashback in their Visa Card, according to the website ofCrypto.com.
Is mainstream adoption of criptocurrency coming from sports industry?
FTX has also made partnerships this year because of the fact that it is not the only major exchange moving into sports.
In June, the exchange became the official 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. According to Forbes, Binance Exchange partnered with Italian soccer club SS Lazio last month.
Previously, crypt.com has had partnerships with Formula 1, UFC, the French soccer club Paris Saint Germain PSG and the NBA basketball team Philadelphia 76ers.
The largest criptocurrencies are investing in sports industry partnerships in order to increase exposure to the billions of global sports fans, and the largest coin exchanges are in a stage of mainstreaming.
The drive towards mainstream partnerships seems to be reflected by the surge in the price of the CRO token.
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