The token of cryptocurrency financial services ecosystem Crypto.com CRO/USD shot up nearly 55% from today's low of $0.3813 to a high of $0.5906.
What Happened: Los Angeles's iconic multi-purpose arena Staples Center will be renamed to Crypto.com Arena following what is said to be one of the biggest naming rights deals in sports history at $700 million, according to reports.
The news had a significant impact on speculators who saw great interest in Crypto.com's token, increasing its 24 hours trading volume from about $363 million to a high of $1.58 billion earlier today.
See Also: Matt Damon To Star In Ad Campaign For Crypto.com
The Staples Center is the official home of the Lakers, Clippers, Kings and Sparks and the naming rights have been sold by the arena's owner AEG to the Singaporean crypto firm for 20 years for over $700 million. The 20,000-seat arena hosts over 240 major high-profile events and over 4 million guests each year — including the Grammy Awards ceremony and will host the basketball competition during the 2028 Summer Olympics.
CRO Price Action: As of press time, Crypto.com is trading at $0.5461 and while it 's about 7.5% lower than the day's high of $0.5906, it's still about 33% higher than the price it was trading at 24 hours ago.
Photo: Fred from Simi Valley, CA / Wikimedia
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month