Crypto.com Surges Forward And Adidas Partners With Coinbase
A ground breaking naming deal between the iconic Staples Center and the crypto exchange platform Crypto.com appears to be faring well for the crypto company as its token CRO surged nearly one week after news of this deal sent shockwaves through markets.
The CRO token has quadruple in value since the deal was leaked, hitting an all time high of $0.866648 — up 14.5% from its price yesterday and a far cry from the modest $0.209 it was trading at just weeks ago. This also propelled it to be the world’s 13th largest cryptocurrency by market cap.
This surge came despite an overall dip in prices across the crypto market, a crash which wiped billions from the global cryptocurrency market and knocked Bitcoin and Ether down after they had each hit fresh all time highs.
Crypto.com’s renaming agreement with the Staples Center was rumored to cost $700 million, and will be viable for 20 years. Some are now stating that the deal has “paid for itself”, given the considerable surge in prices. The 20,000 seat arena hosts approximately 250 events each year, with an annual average of 4 million guests passing through.
This level of exposure is anticipated to greatly impact the platform as it becomes a household name.
This is not the company’s first foray into the world of sports, either. Months ago, Crypto.com struck an undisclosed eight figure deal with the NBA team the Philadelphia 76ers. The deal entailed Crypto.com sponsoring the jersey patch and having visibility in the arena. It is clear that the company is on an aggressive partnership spree, and one that targets the sports community in specific.
CRO’s surge also comes amid a significant amount of celebrity endorsements and promotional partnerships made by the token’s parent company. Just last month, Hollywood star Matt Damon became the face of the platform in a $100 million deal that included television ads and spots that would air in more than 20 countries worldwide.
Over the past year, we have seen several partnerships flourish between cryptocurrency platforms and sports entities. Most noteworthy, Sam Bankman-Fried’s popular crypto exchange platform FTX signed a 19-year naming rights agreement to the home of the NBA’s Miami Heat for $135 million; it will now be known as the FTX Arena.
It is also important to mention that the overlap between crypto and sports is not just taking place in the United States. Not to be outdone, crypto exchange Socios signed a deal with the European soccer team Inter Milan. As a result, the black and blue jerseys will now be adorned with Socios’ logo, something that will greatly increase brand awareness.
The renaming is set to take place on Christmas Day, December 25, 2021. Speaking on the matter, CEO of Crypto.com Kris Marszalek said, “In a few years down the road, people will look back at this day and they will think OK, this is the moment that cryptocurrencies kind of crossed the cosmos into the mainstream”, and it appears as though he is right!
Exciting news for sports and crypto lovers as it was revealed that Adidas Originals, sub-brand of the German sporting goods company Adidas, announces a partnership with the crypto exchange platform Coinbase.
In a tweet posted on their official account, the brand said, “We partnered with @Coinbase. Probably nothing,” to which Coinbase tell replied gm @adidasoriginals. Welcome to the party, partner!”
This exciting partnership is set to create some interesting collaborations, particularly in the field of non-fungible tokens (NFTs), the digital assets that have taken the sports world by storm.
The sneakers company will also presumably begin accepting cryptocurrencies as a form of payment as a result of this partnership, pushing cryptocurrency’s further into the mainstream.
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